Tuscaloosa, Ala., and Syracuse, N.Y. — Education Realty Trust (NYSE: EDR) has reached agreements for the development of projects at two public universities. In Tuscaloosa, EDR is partnering with Edwards Cos. for the development of a 774-bed, off-campus community that will serve students of the University of Alabama. The project will be constructed on the eastern edge of campus near the university's Schools of Law and Nursing. It will contain a mix of studio through four-bedroom units as well as an amenity-filled clubhouse, an outdoor swimming pool and patio area, and structured and surface parking. Edwards will develop and construct the project, and EDR will manage it. The two companies will jointly own it.
In addition, Syracuse University has tapped EDR to develop a 312-bed community on its campus. Known as Campus West Apartments, the project will be developed near the university's College of Law and the new College of Law building; it will cater to law students, other graduate students and upperclassmen. Amenities will include a clubhouse area with a fitness center, a business center and a computer lab. In addition to student residences, the project will contain 5,000 square feet of ground-floor retail space expected to include a combination coffee shop and convenience store. The university's Department of Public Safety will also maintain an office in the complex. The project will seek LEED-Silver certification. EDR will develop, own and manage the community under a ground lease with the university.
Both projects are expected to begin construction this summer with completion slated for summer 2012.
— Coleman Wood