MEMPHIS, Tenn., July 10, 2006 (PRIMEZONE) -- Education Realty Trust, Inc. (NYSE:EDR) today announced that EDR has been awarded a contract by the Board of Trustees of the University of Alabama to develop two new on-campus residence halls which are slated to open in the fall of 2007.
Allen & O'Hara Development Company, LLC, the development company subsidiary of EDR, serves as the developer of the $30.3 million, 631-bed community.
The new student housing facility, known as Freshman Village, is intended to help meet the need for on-campus housing at the University of Alabama, which begins a mandatory on-campus residency program for freshmen this year. UA administrators expect a freshman class of about 4,000 this fall, the largest in the university's history, and expect freshman enrollment for the coming years at the Tuscaloosa campus to remain steady at approximately the same level.
"We are pleased to be the choice of administrators at the University of Alabama, one of America's top public universities, and enthused to serve UA as it prepares for a period of sustained enrollment growth," said Tom Trubiana, senior vice president of Allen & O'Hara Development Company.
Based on current trends, on-campus enrollment at the UA campus in Tuscaloosa is expected to rise from 21,414 students in 2005 to an estimated 28,000 students by 2013.
Allen & O'Hara's development team on the UA Freshman Village Residential Community includes architect of record Ward, Scott, Veron Architects of Tuscaloosa, consulting architect WTW Architects of Pittsburgh and general contractor Capstone Building Corporation of Birmingham, Alabama. The EDR subsidiary expects to receive combined development and construction management fees estimated at approximately $1 million for its services.
A University of Alabama selection committee recommended Allen & O'Hara based on the firm's capabilities and experience as well as its understanding of the Freshman Village concept. The university's Board of Trustee's ratified the decision on July 5, 2006.
Two buildings have been demolished to make way for Freshman Village, which will be constructed on university property. Upon completion, the community is expected to be managed by the university.
The UA assignment is the latest on-campus development for Allen & O'Hara Development Company, LLC in the state of Alabama. In May, Allen & O'Hara recently completed a 753-bed freshman residence hall on the campus of the University of Alabama-Birmingham, which is managed by EDR subsidiary Allen & O'Hara Education Services, Inc.
About Education Realty Trust
Education Realty Trust, Inc. (NYSE:EDR) is a real estate investment trust that owns, manages and develops high-quality collegiate student housing. Led by a team with more than 170 years of shared industry experience, EDR is one of America's largest owners and operators of collegiate student housing. Its portfolio includes 36,551 beds at 59 properties in 21 states. For more information please visit the company's Web site at www.educationrealty.com.
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