FRANKFORT, Ky. (AP) - The University of Kentucky is in talks
with a Tennessee real estate firm about taking over campus
The Lexington Herald-Leader reported Tuesday that Memphis-based Education Realty Trust could spend as much as $500 million over the next several years to tear down and rebuild most of UK's student housing that now accommodates up to 6,000 people.
UK President Eli Capilouto said the arrangement could revitalize
The newspaper reported that the UK Board of Trustees is expected
to consider the first phase of the proposal in February.
UK has roughly $1 billion in construction needs across campus,
from dorms to classrooms to research space. UK's housing department has an annual budget of $30 million, but its deferred maintenance needs top $200 million, UK Vice President for Budget and Finance Angie Martin said.