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outdated residence halls with modern, state-of-the-art living accommodations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.
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