Memphis, Tenn.—The Finance, Buildings and Properties Committees of the Cornell University Board of Trustees have given the nod to EdR to develop, finance and construct new on-campus housing for the Ithaca, N.Y., university.
The more than $80 million community to be developed by EdR will rise on the site of the current Maplewood Park Apartments, a 27-year-old, 356-bed facility. Cornell University officials opted to replace that housing after comparing the expense for repairs and upgrades with the cost of a totally new community.
Slated for a summer 2018 completion date, the new collegiate housing will be geared to Cornell University’s graduate and professional students. In addition to its other roles, EdR will manage the on-campus housing.
The new community is expected to provide an array of floor plans with space for approximately 850 beds, as well as amenities demanded by today’s graduate and professional students.
A pre-closing agreement has been executed by Cornell University and EdR. Design and site planning are underway toward an anticipated groundbreaking and commencement of construction later this year.
The Ithaca, N.Y., housing market is one of the nation’s strongest, boasting a 99.5 percent occupancy rate. An Ivy League institution, Cornell University has a full-time graduate and professional student enrollment of 7,589 within its total 2015-16 enrollment of 21,904 students.
“We look forward to working with the Cornell University team, and local communities on this exciting partnership,” Tom Trubiana, president of the Memphis, Tenn.-based EdR, said. “Working together, we will deliver high quality, sustainable and affordable housing that fosters a sense of community, and provides a living environment that supports Cornell students’ pursuit of their advanced degrees and academic goals.”
Jeremy Thomas, Cornell University senior director of real estate, added, “EdR is known for its on-campus revitalization and innovation efforts, constructing quality, long-lasting and sustainable buildings and developments that meet the expectations of today’s students.”
EdR is a self-administered and self-managed real estate investment trust. It owns or manages 80 communities featuring 42,000 beds at 51 universities across almost two dozen states.