MEMPHIS, Tenn., Nov. 16, 2006 (PRIMEZONE) -- Education Realty Trust, Inc. (NYSE:EDR) today announced that it has received a letter of intent from the University of Alabama to begin development of a new 930-bed residential community and 1,000-car parking structure on the Tuscaloosa campus.
Allen & O'Hara Development Company, LLC, the development company subsidiary of EDR, will serve as the developer and construction manger of the venture, which will include five-story, Georgian-style buildings of brick and stucco, a three-level parking garage below and urban plazas at ground level. The project, estimated to cost $66 million, is scheduled for completion by August 2008.
The community, known as South Ridgecrest Residential Community, is the second new student housing facility developed by A&O on the north edge of the Tuscaloosa campus. A&O has broken ground and construction is underway on the $31.7 million, 631-bed North Ridgecrest Residential Community, which is scheduled to open in August of 2007. South Ridgecrest will feature a mix of 2-bedroom and 4-bedroom units with common living rooms, recreation spaces, laundry rooms and community kitchens distributed throughout the buildings.
The new housing is intended to help meet the need for on-campus housing at the University of Alabama, which started a mandatory on-campus residency program for freshmen this year. The University of Alabama enrolled 4,378 freshmen this fall, its largest freshman class in history, and posted overall enrollment of 23,878 students at the Tuscaloosa campus.
"We are thrilled to extend our relationship with one of America's top public universities," said Tom Trubiana, senior vice president of Allen & O'Hara Development Company. "Our team is excited about bringing this magnificent facility to fruition in a timely manner and helping the university prepare for a period of sustained enrollment growth."
Based on current trends, on-campus enrollment at the UA campus in Tuscaloosa is expected to rise from 23,878 students in 2006 to an estimated 28,000 students by 2013.
The Ridgecrest assignments are the latest on-campus developments for Allen & O'Hara Development Company, LLC in Alabama. In May, Allen & O'Hara 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 36,360 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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