Memphis, Tenn. — Project could privatize all on-campus housing.
Commonwealth Village on UK’s campus is one of the buildings that would be demolished and rebuilt in the revitalization project.Memphis, Tenn. — The University of Kentucky and Education Realty Trust Inc. (EDR) are negotiating a large-scale revitalization project. The agreement could privatize all of Lexington’s on-campus housing and bring the number of beds to 9,000 in seven to 10 years.
In the first phase of the project, EDR would assume management of all the university’s 6,000 on-campus beds on July 1, 2012. The REIT would also develop, construct and own a 600-bed undergraduate honors housing community available for occupancy by August 2013.
The second phase would involve gradual construction and demolition adding additional living communities that would be privately funded and owned on land leased from the university. The total investment for the project is approximately $500 million.
– Lynn Peisner