MEMPHIS, Tenn., Feb. 12, 2007 (PRIME NEWSWIRE) -- Education Realty Trust, Inc. (NYSE:EDR) today announced that it has been selected to develop new on-campus residential communities at West Chester University of Pennsylvania just west of Philadelphia.
Allen & O'Hara Development Company, LLC, the development company subsidiary of EDR, has been chosen to begin the replacement of functionally obsolete dormitories with 3,316 beds of new student housing. The multi-phase, multi-year scope of work is estimated in excess of $250 million.
The initial phase includes construction of approximately 1,050 beds, primarily in the form of two-person shared suites and two-person private suites, and is estimated to cost approximately $64 million.
The new seven-story, on-campus communities are scheduled to open beginning in August 2009.
"We've had long, strong relationships based on confidence and performance with a number of schools in the Pennsylvania State System of Higher Education. We're grateful for the opportunity to assist West Chester University as leaders enhance their campus and their ability to attract and retain top students," said William W. Harris, president of Allen & O'Hara Development Company. "And we're pleased to extend the reach of our development activities deeper into the Mid-Atlantic region and toward the Northeast."
Founded in 1871, West Chester University serves a diverse student population, including recent high school graduates from Pennsylvania, other states and foreign countries, as well as older individuals, including veterans and homemakers, who either never had the opportunity for a college education or whose schooling was interrupted. West Chester University enrollment includes approximately 9,400 undergraduate students and 2,000 graduate students.
In addition to Allen & O'Hara Development Company, the development team includes WTW Architects of Pittsburgh, Voith & Mactavish Architects of Philadelphia and general contractor P. Agnes Construction Company of Philadelphia. The financing team is led by Morgan Keegan & Company, a division of Regions Financial Corp. (NYSE:RF) of Birmingham, Alabama.
University Student Housing, LLC, a West Chester University-affiliated not-for-profit corporation, selected Allen & O'Hara Development Company for the student housing initiative on February 9, 2007.
Presently, Allen & O'Hara Development Company has nine projects with 8,877 beds under construction or in development in five states.
About Education Realty Trust
Education Realty Trust, Inc. (NYSE:EDR) is a self-administered, self-managed real estate investment trust that owns, develops and manages high-quality student housing communities throughout the U.S. 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 40,742 beds at 66 communities in 21 states. For more information please visit the company's Web site at www.educationrealty.com.
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