From The Lexington Herald-Leader: Officials from the University of Kentucky and a private development firm have broken ground on a $26 million, 600-bed residence hall that is expected to usher in a new era in student housing. University President Eli Capilouto has pushed the public-private partnership as part of a renewed commitment to undergraduate education that includes upgrading aging housing stock on campus.
FEBRUARY 2012....from The Lexington Herald-Leader: The University of Kentucky Board of Trustees has approved a deal to let a private developer build an on-campus residence hall. The agreement sets the stage for a larger agreement that could lead to private construction and management of all of the university's student housing. Education Realty Trust will build a 600-bed residence hall at Haggin Field near the W.T. Young Library.
From The Lexington Herald-Leader: University of Kentucky officials plan to sign a contract with a private developer that could change the face of student housing at the school. Under the deal, the university would enter into business with Education Realty Trust, a company that has built and managed dozens of residence halls at campuses. In the initial phase, the company would sign a 50-year ground lease to build and manage a 600-bed, $26 million residence hall on Haggin Field. The university also is expected to approve an affiliation agreement that would lead to a broader deal to eventually replace almost 6,000 outdated beds and add 3,000.
RELATED: A deal that would let a private developer build student housing at the University of Kentucky could be a boon to the coffers of Lexington and Fayette County Public Schools. As a government entity, the university doesn't pay property taxes. But once the school enters into a ground lease with Education Realty Trust, any new residence halls would probably be considered private property that is subject to taxation.
DECEMBER 2011....From The Lexington Herald-Leader: The University of Kentucky is negotiating with a real estate company to take over campus housing, both existing residence halls and new construction. Education Realty Trust could spend as much as $500 million over the next several years to tear down and rebuild most of the university's existing 6,000 beds and construct housing with another 3,000 beds.