EdR (NYSE:EDR), a leader in the ownership, development and management of collegiate housing, today announced the completion of the contracting phase with the University of Kentucky (UK) for Phase II — a public-private partnership to construct and operate five additional residence halls with more than 2,300 beds for delivery in the summer of 2014.
The $133.7 million cost of Phase II will be financed through EdR’s On-Campus Equity Plan — The ONE Plan SM — which uses the company’s equity and financial stability to fund projects on university land. This gives the university access to a single trusted partner for revitalizing on-campus housing while providing affordable rents for students.
Phase II continues the university’s master plan to systematically replace outdated residence halls with modern, state-of-the-art living accommodations that will serve the needs of the university and its students for many years to come. Future phases in 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.
With Phase II construction beginning in November 2012 and the ongoing construction of Phase I — a 601-bed residence hall — more than 2,900 beds will soon be under construction on UK’s campus at one time making this project one of the largest and quickest housing expansions in student housing history.“Revitalizing our campus infrastructure — in this still challenging economy — will require us to be innovative and creative,” said Dr. Eli Capilouto, president of the University of Kentucky. “This partnership with EdR underscores our commitment to move forward creatively but responsibly. It is one more way that we are honoring the Kentucky Promise for another generation and for the Commonwealth that we serve.” This comprehensive housing solution fulfills the goal of the Kentucky Promise which is to enhance undergraduate education, offer more opportunities to young Kentuckians through scholarships and continue a nearly 150-year legacy of education, research and service to the commonwealth.