TP Mechanical is excited to be a member of the construction team hired to help in the expansion and growth at University of Kentucky.
By Linda B. Blackford — email@example.com
A committee of the University of Kentucky Board of Trustees approved the next phase of new dorm construction on campus Tuesday, allowing UK to move forward with three new dorms at the old Cooperstown complex near W.T. Young Library.
Approval by the full board of trustees is expected later Tuesday afternoon.
The project is the third phase of UK’s partnership with a private developer, Education Realty Trust. In this next phase, Education Realty Trust will put up $101.2 million in equity for the construction of 1,610 student beds, several classrooms and study spaces.
The board already has approved seven other new residence halls with 4,592 beds, bringing the total cost of the partnership to $264 million.
The first new dorms, Central I and II, will open this fall near W.T. Young Library. Five dorms will be built at the old Cooperstown complex, now known as Woodland Glen. The school also is building two new dorms next to Memorial Coliseum on Euclid Avenue, and it will build a new dorm on the site of the old Haggin Hall.
UK is signing long-term leases with Education Realty Trust, which will operate and maintain the buildings for 75 years. The rental rates will be the same as UK’s “premium” dorm rates, between $3,000 and $4,000 a semester.
The finance committee also approved the purchase of the Lexington Theological Seminary’s 7.1-acre campus for $13.5 million. Located on South Limestone across from the main UK campus, the complex will be used as overflow space for UK.
Eric Monday, vice president for finance and administration, said the property had four appraisals, ranging from $11 million to $16 million.
“This is a very opportunistic purchase for the University of Kentucky,” finance committee chairman James Stuckert said.
Linda Blackford: (859) 231-1359. Twitter: @lbblackford.