EdR and the University of Kentucky Agree on the Delivery of 1,610 Beds in 2015
EdR's ONE PlanSMContinues to Fund the Revitalization of UK's On-Campus Housing
MEMPHIS, Tenn.--(BUSINESS WIRE)-- EdR (NYS: EDR) , a leader in the ownership, development and management of collegiate housing, announced today that the Capital Projects and Bond Oversight Committee of the Kentucky Legislature has provided the final required approval to proceed with Phase II-B — the next phase of the University of Kentucky's (UK) master plan to systematically replace outdated residence halls with modern state-of-the-art living and learning facilities.
The $101.2 million cost of Phase II-B will be financed through EdR's On-Campus Equity Plan — The ONE PlanSM — 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-B will include three five-to-seven story buildings — Woodland Glen III, IV and V — that will provide 1,610 beds within two-bedroom apartments along with classrooms, active learning spaces and study lounges. The complex will also contain other amenities to promote a community atmosphere for the students who will live there.
EdR will manage and operate these residence halls when completed in summer 2015.
This comprehensive housing solution is a crucial step in fulfilling the Kentucky Promise, aimed at enhancing undergraduate education, offering more opportunities to young Kentuckians through scholarships and continuing a nearly 150-year legacy of education, research and service to the commonwealth.
Phase II-B further advances the university's master plan to systematically replace outdated residence halls with modern, state-of-the-art living accommodations that will serve the needs of the university and its students for many years to come.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 for 2016 and beyond are currently in the planning stages with the university.
The combination of 601 beds in Phase I, 2,381 beds in Phase II-A and the upcoming 1,610 beds in Phase II-B makes UK's campus revitalization the largest and swiftest such expansion in student housing history with a total of 4,592 beds.
"Excitement builds for the new phases as we tour the first buildings and watch the others progress," said Randy Churchey, EdR 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."
EdR (NYS: EDR) is one of America's largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 67 communities in 24 states with more than 37,000 beds. For more information please visit the company's Web site at www.EdRtrust.com.
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KEYWORDS: United States North America Kentucky Tennessee
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