MEMPHIS, Tenn., Dec. 1, 2016 /PRNewswire/ -- EdR (NYSE: EDR), one of the nation's largest developers, owners and managers of high-quality collegiate housing communities, today announced it has started construction on a collegiate housing community adjacent to the University of Hawai'i in Honolulu in a joint venture with Laconia Development. EdR will be the 90 percent owner and will manage the $110 million development upon completion.
This community will serve the pent up demand for modern collegiate housing as there are few student housing options and high barriers to entry. All entitlements have been obtained and construction is already under way with targeted delivery for Summer 2018 or 2019, depending on the speed at which the early phases of construction can be completed. "This is a great opportunity to add to our development pipeline, which is driving significant growth for EdR," said Randy Churchey, EdR's chief executive officer. "Assembling land with our partner, Laconia, in such a prime location in the city of Honolulu that the joint venture will own fee simple is a major feat and will allow us to bring modern off-campus living options to University of Hawai'i students." The community will feature 599 beds in a mix of one-, two-, three- and four-bedroom floor plans; 13,000 square feet of ground floor retail and structured parking. Rooftop amenities will include a fitness center, outdoor terrace lounge, community kitchen, study lounges and gaming areas - all with views of Waikiki, Diamond Head and Manoa Valley. "We are very pleased to be partnering with EdR to bring a modern housing option to students at the Manoa Campus of the University of Hawai'i," said Paul Menzies, Laconia's chief executive officer. "From the very beginning, we have been very impressed by EdR's professionalism and history of outstanding accomplishment in collegiate housing." With an enrollment of nearly 19,000 students, the University of Hawai'i is ranked in the Top 50 of the nation's public universities for Research and Development expenditures for the fiscal year 2014. It is 89th among public universities in U.S. News and World Report's latest rankings. As the flagship institution of the University of Hawai'i System, approximately 35 percent of the student body is from out of state with students coming from across the world to seek the university's nationally acclaimed academic programs in such fields as cancer research, genetics, astronomy, education and oceanography.