|[April 17, 2012]
EdR Breaks Ground at University of Kentucky
MEMPHIS, Tenn. --(Business Wire)--
EdR (NYSE:EDR), one of the nation's largest developers, owners and
managers of collegiate housing, broke ground this morning on New Central
Residence Hall, the first building in a multi-phase project aimed at
revitalizing University of Kentucky (UK) on-campus housing.
Joining EdR today at the groundbreaking celebration were University of
Kentucky President Dr. Eli Capilouto and other dignitaries, partners and
This housing renaissance is one aspect of fulfilling "The Kentucky
Promise," President Capilouto's initiative to regenerate the campus,
enhance undergraduate education, offer more opportunities to young
Kentuckians through scholarships and continue a nearly 150-year legacy
of education, research and service to the commonwealth.
"Today, we are breaking ground on more than a building, we're breaking
ground on a brighter future for our students, faculty, and staff," said
President Eli Capilouto. "Our public/private partnership with EdR is an
innovative approach to managing within the new normal and moving forward
in pursuit of our Kentucky Promise."
"Upon completion, the new residence hall will offer the cutting-edge
technology and amenities students expect of a modern Flagship research
University and will provide the living/learning experience required in
order for our graduates to lead lives of leadership, meaning, and
purpose," Capilouto said.
"Additionally, this facility, and our campus-wide revitalization effort
over the next several years, will yield countless construction jobs
bolstering local industry and business and benefitting the state
"With this groundbreaking, the University of Kentucky is taking the
first step toward rebuilding and renewing the core of its campus," said
Lt. Governor Jerry Abramson. "This presents greater opportunities for
its students living in this new high-tech residence hall to grow and
prosper and become the leaders of tomorrow."
This first building, which EdR will own uner a long-term ground-lease
agreement signed prior to today's groundbreaking, is being constructed
near the center of campus on Haggin Field. New Central Residence Hall
will be a 601-bed living-learning community with classrooms and meeting
space. The two-building, four-story community will be available for
occupancy in fall 2013.
This $25.8 million project is being financed through EdR's On-Campus
Equity Plan - the ONE PlanSM - which uses the company's
equity and financial stability to fund projects on university-owned
land. This gives the university access to a single, trusted partner and
helps create substantial long-term financial benefits for UK and EdR.
"We are more excited with every step we take forward in our partnership
with the University of Kentucky," said Randy Churchey, EdR president and
chief executive officer. "EdR is proud to support the university in such
an innovative and important endeavor."
Sherman Carter Barnhart and Messer Construction Co., both of Lexington,
Ky., were selected as the architect of record and general contractor,
respectively, for this first phase of the project.
UK and EdR are currently in discussions regarding Phase II. In that
phase, EdR will assume management responsibility for the university's
6,000-bed housing portfolio. Phase II also envisions the systematic
demolition and replacement of the majority of current on-campus housing
as well as its expansion to approximately 9,000 beds over the next five
to seven years.
In support of Phase II, the Kentucky legislature recently authorized the
next $175 million for 2014 and 2015 deliverables in this public-private
partnership which will transform living and learning space to maximize
the talent and capacity of UK and its students. This amount is in
addition to the previously approved $52 million.
"This authorization is a clear indication of the university's intent to
aggressively pursue this major revitalization of its student housing,"
said Tom Trubiana, EdR's executive vice president and chief investment
EdR (NYSE:EDR) is one of America's largest owners, developers and
managers of collegiate housing. A self-administered and self-managed
real estate investment trust, EdR owns or manages 60 communities in 23
states with more than 34,100 beds within more than 11,100 units. For
more information, please visit the company's web site at www.EdRtrust.com.
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