LEXINGTON, Ky. (Oct. 19, 2012) — The University of Kentucky and EdR on Thursday announced the successful completion of contract negotiations, clearing the way for the beginning of construction on five new residence halls — more than 2,300 beds — that will be open in summer 2014.
“Today we are finalizing an important step in our goal of campus revitalization — one that will help us honor our Kentucky Promise to educate and prepare the young people of this commonwealth for lives of leadership, meaning and purpose,” said UK President Eli Capilouto.
Capilouto was joined in a signing ceremony Thursday afternoon to commemorate the contract negotiations by EdR CEO Randy Churchey along with other officials from UK and EdR.
Phase IIA of the unique public-private partnership between UK and one of country’s leading companies in campus housing construction and management is scheduled to begin in November. The new residence halls will be located on North and South campus.
Along with work that has started on Phase 1, the New Central Residence Hall – a 601-bed facility scheduled to open in August 2013 – UK will have nearly 3,000 beds under construction at one time, perhaps the quickest and largest expansion of residence halls in the institution’s history.
The goal is to be able to house up to 9,000 undergraduates on campus in the next five to seven years. Currently, UK only has about 5,100 beds available for undergraduates and the average age of those facilities is approaching 50.
If successful, the entire initiative will be financed completely through $500 million in private equity financing from EdR, which also will manage the facilities. It would be one of the largest public-private partnerships in all of higher education.