By Berry Craig IV
P3 Kentucky Staff Writer
Colleges and universties frequently tout housing options to attract students. The cost of building campus housing is often astronomical — the University of Kentucky recently completed a $450 million dollar project to build 6,850 new spots for students. That’s nearly $66,000 each.
The Committee on Administration and Finance of the UMass board of trustees voted this week to move forward with a process that will explore an arrangement between a private developer and the university to bring a 1,000 bed development at some point in the coming years.
Because the university is constrained by an 8 percent debt ceiling, Tony Marouli, executive director of external relations and university events, said having a private partner is an avenue to add housing consistent with the university’s master plan.
The UMass system has seen public-private partnerships play out on other campuses. At UMass-Boston, Capstone Development Partners LLC built a $120 million, 260,000-square-foot residence hall on land leased from the state, and another project is underway on the UMass-Dartmouth campus.
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