LEXINGTON, KY. — A committee in the Kentucky Legislature has provided the final approval required for the next phase of new dorm construction at the University of Kentucky (UK) in Lexington.
The next phase will include three new dorms near W.T. Young Library, which will provide 1,160 beds. The residence halls will be the latest product of UK's partnership with private developer, EdR. In this phase of the project, EdR will put up $101.2 million in equity for the construction.
The properties — named Woodland Glen III, IV and V — will include two-bedroom apartments, classrooms, active learning spaces and study lounges.
EdR will manage and operate the residence halls when completed in summer 2015.
The project will further advance UK's master plan to systematically replace outdated residence halls with modern, state-of-the-art accommodations. Future phases for 2016 and beyond are currently in the planning stages with the university.
So far, the university's student housing project includes a total of 4,592 beds.
“Excitement builds for the new phase as we tour the buildings and watch the others progress,” says Randy Churchey, president and chief executive officer of EdR. “EdR is proud that our public-private partnership with the University of Kentucky is bringing about a new realty and revitalization on the UK campus.”
Memphis-based EdR is a self-managed real estate investment trust that owns or manages 67 communities in 24 states, with more than 37,000 beds.
— Liz Burlingame