MEMPHIS, Tenn., Sept. 21, 2006 (PRIMEZONE) -- Education Realty Trust, Inc. (NYSE:EDR) today announced that construction has started on a new $30 million on-campus student community at The University of Alabama.
The 631-bed Ridgecrest Residential Community is scheduled to open in the fall of 2007. The two buildings will feature primarily four-bedroom/two-bathroom units with living rooms and kitchenettes and provide a mix of community spaces such as recreational rooms and study centers.
Allen & O'Hara Development Company, LLC, the development company subsidiary of EDR, serves as the developer on the project. The EDR subsidiary will receive development and construction management fees for services it provides during the development, financing and construction process.
The new initiative is intended to help address the need for on-campus housing at the Tuscaloosa campus, which started a required on-campus residency program for freshmen this fall. The new freshman class of 4,378 students is the largest and best qualified class in university history. Administrators expect steady enrollment growth in the years ahead.
"We are pleased to be underway at The University of Alabama, one of America's top public universities, and we are proud to be the university's partner as it prepares the campus for anticipated 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 23,878 students this fall to a goal of 28,000 students by 2013.
Allen & O'Hara's development team for Ridgecrest 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. Upon completion, Ridgecrest is expected to be managed by the university.
The Tuscaloosa assignment is the latest on-campus development for Allen and O'Hara, which recently completed communities with 2,944 beds in Alabama, Colorado, Kentucky and Pennsylvania, including 1,797 beds under EDR management, and which has communities with 5,814 beds under construction or in development in Alabama, Michigan, North Carolina and Pennsylvania.
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 36,960 beds at 60 properties in 21 states. For more information please visit the company's Web site at www.educationrealty.com.
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