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INDIANA, PA-Memphis-based Education Realty Trust Inc. has been awarded a contract for the third phase of a four-phase, $250-million initiative to replace approximately 3,500 beds of student housing on the campus of Indiana University of Pennsylvania. This phase calls for the development of a new, 1,054-bed, 459-unit residential building at a cost of $71 million.

EDR completed the opening phase in August 2007. That encompasses 734 beds in single- and double-occupancy suites in two buildings. The student housing REIT expects to begin the third phase in April 2008 while completing the second phase for delivery that August. The third phase is scheduled for completion in August 2009.

Dubbed the university's "residential revival," the entire project involves replacing virtually all of the old, functionally obsolete on-campus dormitories with new student residence halls that EDR says will provide "leading edge technology and amenities." The development project is a public/private partnership with the Foundation for Indiana University of Pennsylvania, an IUP spokeswoman tells GlobeSt.com. The foundation is a nonprofit, tax-exempt organization.