EDR TO BUILD $25.8M UK STUDENT HOUSING

LEXINGTON, KY. — The University of Kentucky Board of Trustees has approved a 50-year ground lease with EdR, allowing the company to proceed with the first phase of the university's on-campus housing renovation. Phase I, slated to break ground this spring, includes a $25.8 million, 601-bed freshman honors housing community at Haggin Field, which EdR will develop, construct and own. The living-learning community will include classroom and meeting space, and be available to occupancy by fall 2013. EdR and UK are in discussions regarding Phase II, which would include an expansion from 6,000 residence hall beds to 9,000 residence hall beds, as well as EdR assuming management of the student housing properties in fall 2013. If approved, EdR will systematically demolish most of the current on-campus dormitories and replace them with more modern and attractive living communities.