Memphis, Tenn. — The REIT will develop, construct and own 601 beds in Phase I, Phase II talks underway.
Memphis, Tenn. — The University of Kentucky Board of Trustees has unanimously approved a 50-year ground lease with EdR, allowing the student housing REIT to proceed with its plans for the first phase of the university’s on-campus housing revitalization.
In Phase I, EdR will develop, construct and own a 601-bed, $25.8 million freshman honors housing community at Haggin Field. The living-learning community will include classroom and meeting space, and will be available for occupancy by fall 2013.
The architectural conceptual design is complete and construction contracts are in final negotiations for Phase I. The company is anticipating a spring 2012 groundbreaking.
Simultaneously, EdR and UK are having formal discussions regarding Phase II, which is anticipated to include an expansion to 9,000 residence hall beds and EdR’s management of UK’s entire housing portfolio of 6,000 beds in the fall of 2013.
“The University of Kentucky has taken a historic step and now leads the way in innovative campus revitalization,” said Randy Churchey, EdR president and chief executive officer in a news release. “EdR is honored to be entrusted with a development and mission of this magnitude.”
In Phase II, EdR will systematically demolish most of the current on-campus dormitories, replacing them with modern living communities that will provide comfortable accommodations for UK students and programs along with up-to-date services and technology.
This project will be financed through EdR’s On-Campus Equity Plan — The ONE Plan — which uses the company’s equity to fund projects on university land. This gives the university access to a single partner and helps create substantial long-term financial benefits for EdR and UK.
EdR has selected Sherman Carter Barnhart of Lexington, Ky., as the architect of record for Phase I.