LEXINGTON, KY—The University of Kentucky's master plan to replace outdated residence halls with modern living and learning facilities took one more step ahead recently, after state officials green-lighted the next phase of the project. The Capital Projects and Bond Oversight Committee of the Kentucky Legislature gave final approval to Phase II-B of the program, which UofK is implementing with Memphis-based EdR.
This $101.2-million phase will deliver three five- to seven-story buildings—Woodland Glen III, IV and V —with 1,610 beds within two-bedroom units in summer 2015. It will also include classrooms, active learning spaces, study lounges and other amenities to “promote a community atmosphere for the students who will live there.” EdR will manage and operate the residence halls when they are completed.
EdR will finance the phase through its On-Campus Equity Plan, or the ONE Plan, which uses the REIT's equity and financial stability to fund projects on university land. This allows the university access to a single partner for revitalizing on-campus housing while providing affordable rents for students.
“Excitement builds for the new phases as we tour the first buildings and watch the others progress,” says Randy Churchey, EdR's president and chief executive officer. “EdR is proud that our public-private partnership with the University of Kentucky is bringing about a new reality and revitalization on the UK campus.”
Phase I of the project delivered 601 beds, followed by 2,381 beds in Phase II-A. Together with Phase II-B, the UK campus' revitalization is reportedly the largest and swiftest such expansion in student housing history with a total of 4,592 beds. It's also a “crucial step” in fulfilling the Kentucky Promise, an initiative geared toward “enhancing undergraduate education, offering more opportunities to young Kentuckians through scholarships and continue a nearly 15-year legacy of education, research and service to the commonwealth.”
The REIT and school officials are in the planning stages for future phases for 2016 and beyond.
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Sule Aygoren
Aygoren oversees the editorial direction and content for ALM’s Real Estate Media Group, including Real Estate Forum and GlobeSt.com. In her tenure with ALM, she’s held roles of increasing responsibility, including Managing Editor. Aygoren has received several awards for her coverage including Best Trade Magazine Report from the National Association of Real Estate Editors and the James D. Carper Award for Young Journalists. Under her direction, Forum has received four national NAREE awards for Best Commercial Real Estate Trade Magazine.
