Responses are due later this month for an RFP issued by the University of Kentucky to build a mixed-use parking garage for the school through a public-private partnership. Proposals from potential developers are due November 20.
The new facility will tie into the existing parking structure and contain a mixed-use development with street front, ground floor retail as well as options for a restaurant and potential office space with parking above.
Many higher-education institutions have embraced P3 projects to expand their infrastructure while dealing with tight budget restraints. UK has worked in the past with firms like EdR and Messer Construction Co. to expand its student housing.
The University of Kentucky has been leading public-private partnership implementation for years. For more than a decade, private companies have worked with university administrators to increase capacity and living options for students. At UK, officials worked with private developers to accelerate construction of 14 resident halls with 7,000 beds in 2017.
“We put out a competitive bid and found a publicly traded company, EdR, that could build these things faster, of better quality and lower cost than if we did them ourselves,” UK President Eli Capilouto told The Lane Report. “More importantly, they provided the equity to construct these facilities. We think it’s a fair and good agreement. They do an excellent job maintaining these facilities.”
Find the full RFP here.