Memphis, Tenn.—When developers talk about student housing, most often people picture off-campus apartments. But developer EdR is taking it on campus—and it’s in it for the long haul. The University of Kentucky Board of Trustees has approved a 50-year lease with EdR for on-campus housing.
What are the benefits of providing on-campus housing as opposed to off-campus housing?
“Privatizing on-campus housing allows the university to replace outdated dorms and residence halls with modern, attractive state-of-the-art living accommodations without using its funds,” Susan Jennings, Vice President, Corporate Communications and Marketing, EdR, tells MHN. “The university can reserve its funds for educational programs and expenditures.”
EdR will begin Phase I of the housing revitalization at the University of Kentucky. During this phase, they will develop a $25.8 freshman honors housing community, which will include 601 beds.
This community, which according to Jennings will be a “living-learning” center, including classroom and meeting space, as well as residential units.
EdR has selected Sherman Carter Barnhart of Lexington, Ky., as the architect for Phase I.
“We expect to break ground this spring on Phase I toward a fall 2013 completion,” Jennings says.
Though Phase I is still in the works, discussions have already began regarding Phase II. This phase will include an expansion to 9,000 residence hall beds. Additionally, EdR will demolish current on-campus housing and put up new communities that feature current technology and amenities. By completion, EdR will also manage the University of Kentucky’s entire housing portfolio of 6,000 beds.
Ultimately, involved parties feel that the partnership will benefit the students of the University of Kentucky.
“We have found that revitalized housing helps universities attract and retain students,” Jennings says. “This revitalization can also enhance the beauty of the campus.”