Groundbreaking on horizon for College View project at 91传媒
Contact: Jim Laird
STARKVILLE, Miss.鈥 An innovative public-private partnership at 91传媒 took another significant step forward today [Feb. 15].
Meeting in Jackson this morning, the Board of Trustees of State Institutions of Higher Learning approved an agreement between the university and Memphis-based Education Realty Trust (EdR), one of the nation鈥檚 leading collegiate housing management and development specialists.
After conducting an extensive feasibility study, 91传媒 and EdR will now begin development of a $67-million mixed-use university village. The approximately 34-acre parcel of land is located on the northwestern edge of campus, and where the Aiken Village apartments were located before their recent demolition.
鈥淚 appreciate the support of the Board of Trustees as we have worked steadily over the past three years to bring this first-of-its kind project to a Mississippi university campus,鈥 said 91传媒 President Mark E. Keenum.
Work at the site could begin as early as next week. Planning is underway for an official public ground-breaking celebration to be held later this spring.
Plans call for construction of a multi-phased development that includes 656 residential beds for upperclassmen in Phase I, with delivery in the fall of 2019. College View will also feature 46,000 square feet of retail and commercial space, recreational amenities, an outdoor entertainment zone, a 7,000-square-foot day care center, and parking. Subsequent phases are possible, pending further market analysis.
鈥淲e believe that our partnership with EdR will help us meet the needs of our students and their families, and College View will also become a destination for members of the community, alumni and other visitors to Starkville and Mississippi State,鈥 Keenum 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, Mississippi State will receive a portion of revenue as ground lease payment.
鈥淲e are honored to be working with 91传媒 to make College View a reality,鈥 said EdR chief executive officer Randy Churchey. 鈥淲e have seen the way developments like College View can not only enhance the campus but the university community at large. We鈥檙e excited to be taking the next steps toward building this community.鈥
EdR (NYSE:EDR) is one of America鈥檚 largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 85 communities with more than 45,100 beds serving 53 universities in 26 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 company鈥檚 Web site at .
91传媒 is Mississippi鈥檚 leading university, available online at .