LEXINGTON, KY-Student housing developer, owner and manager EdR and the University of Kentucky have come to an agreement concerning the second phase of the university's campus revitalization plan. Phase II, which will launch during November, 2012, will focus on the construction of five residence halls containing 2,300 beds at a cost of $133.7 million, with delivery slated for summer, 2014.

The second phase is part of the university's overall master plan to systematically replace outdated residence halls with updated student housing. The cost of Phase II is being financed through Memphis-based EdR's On-Campus Equity Plan - The ONE PlanSM - which uses the company's equity and financial stability to fund projects on university land. Future phases under consideration include the systematic addition of more new residence halls in the next five to seven years which will bring UK's total on-campus housing to approximately 9,000 beds. The cost of the entire plan is estimated at $500 million.

EdR is currently involved with the plan's first phase, a 309-unit, 601-bed residence hall -- dubbed New Central Residence Hall -- that is going north at a cost of $26 million and will be ready for the 2013-2014 school year. The student housing planned for the second phase will contain two- and four-bedroom suites, offices, classrooms, study rooms, multipurpose rooms and other amenities. EdR will manage and operate these residence halls in addition to New Central Residence Hall.