Gilbane Development and Western Kentucky University are collaborating on “Elevate WKU,” its public-private partnership (P3) to reimagine its residential portfolio. On Monday, April 27, the Kentucky Capital Projects and Bond Oversight Committee also approved the partnership.
The $350 million initiative — the largest residential investment in WKU’s history — will replace aging campus housing. The first phase of Elevate WKU will include the construction of a new, approximately 1,000-bed dormitory and dining facility. Groundbreaking is scheduled for fall 2026, with the new facility slated to open in fall 2028.
The partnership utilizes a long-term, 50-year ground lease model, enabling WKU to leverage private-sector expertise and capital while retaining strategic control over the student experience. Under the structure, WKU will enter into a ground lease with the Collegiate Housing Foundation (CHF) — a national 501(c)(3) organization — which will serve as owner and borrower.
The post Gilbane, WKU Teaming Up on $350M Student Housing Venture appeared first on Connect CRE.