UT announced on Tuesday that it will continue with plans to build three new student housing facilities through a public-private partnership with RISE Real Estate. The university has also made a five-year master lease agreement with Lakemoor Station Apartments in South Knoxville to aid in housing more students.
The new plans come at the end of an academic year which saw UT’s highest-ever student enrollment, contributing to concerns about space on campus in terms of housing, parking, offices and classrooms. The university’s decision to lower the size of next year’s freshman class led to UT’s acceptance rate decreasing by almost 30%.
The university said the plans will help meet the housing demand, which is also driven by students wanting to stay on campus after their freshman year.
With the public-private partnership, the first of its kind approved at a university in the state of Tennessee, UT retains land ownership, while RISE develops, finances and constructs the projects.
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