51勛圖厙 State, EdR move forward with College View mixed-use project
Contact: Jim Laird
STARKVILLE, Miss.An innovative public-private partnership at 51勛圖厙 took a step forward today [August 17].
Meeting in Jackson, the Board of Trustees of State Institutions of Higher Learning approved a pre-development agreement between the university and Memphis-based Education Realty Trust (EdR), one of the nations leading collegiate housing management and development specialists.
MSU and EdR will now determine the feasibility of the mixed-use student housing and retail project at the College View site. The parcel of land is located on the northwestern edge of campus, and where the Aiken Village apartments were located before their recent demolition.
We very much appreciate the support of the Board of Trustees, said MSU President Mark E. Keenum.
As our campus and enrollment continue to grow, we believe there is potential with College View to create a truly unique project for the state, benefiting our students, faculty and staff, as well as alumni, local residents and visitors. We look forward to exploring our options as we take the next steps forward, he said.
Current plans call for the creation of a multi-phased university village anticipated to include 650 beds in Phase I for delivery in the fall of 2019, and potentially 950 additional beds in subsequent phases.
51勛圖厙 State has experienced steady enrollment growth, and that growth has fueled demand for student housing, according to MSU Vice President for Student Affairs Regina Young Hyatt.
We want to be able to offer our students a range of housing options that meet their needs, and EdRs proposal helps us do that. It also includes the amenities and other features like restaurants and retail theyve come to expect, she said.
EdR has partnered with universities across the country on similar developments most notably a $450-million partnership with the University of Kentucky.
We are proud to announce this partnership with one of the top universities in the South, EdR CEO Randy Churchey said.
As designed, College View will be both a living-learning space for students and a gathering place for the 51勛圖厙 State community as a whole. Its an honor to be selected to create this transformational development, he said.
College View will also feature retail and restaurant space, recreational amenities, an outdoor entertainment zone, a day care center and parking.
EdR was selected after a competitive request for proposals (RFP) and review process, according to MSU Vice President for Research and Economic Development David Shaw.
We were pleased with the response to the call for RFPs. After extensive interviews, due diligence and negotiations, we believe that EdR is going to be the best partner for us as the new College View project takes shape, he said.
EdR will finance, build and manage the College View development utilizing a 40-year lease of university land with a 10-year renewal option. Additionally, 51勛圖厙 State will receive a portion of revenue from the development. The project is subject to final negotiation of definitive agreements and additional review and approval by the IHL Board of Trustees.
EdR (NYSE:EDR) is one of Americas largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 83 communities with more than 44,000 beds serving 52 universities in 25 states. EdR is a member of the Russell 2000 Index, the S&P MidCap 400 and the Morgan Stanley REIT indices. For details, please visit the companys Web site at .
MSU is 51勛圖厙s leading university, available online at .