MEMPHIS, Tenn., Jan. 13, 2010 (GLOBE NEWSWIRE) -- Education Realty Trust Inc. (NYSE:EDR), one of the nation's largest developers, owners and managers of quality university housing properties, today announced that East Baltimore Development Inc. ("EBDI") has engaged Allen & O'Hara Development Co., LLC ("Allen & O'Hara"), a wholly owned subsidiary of EDR to design, develop and manage graduate student housing for nursing students, medical students and fellows from the adjacent Johns Hopkins Medical Institute (JHMI) and other students from Universities in close proximity to the new housing.
The over 4,000 students currently enrolled at the JHMI schools will be the primary residents of the new state of the art 20-story, high-rise apartment community. Johns Hopkins University currently provides limited housing for the graduate students on the medical center campus. A portion of the current housing will be taken out of service when the new project opens.
"Education Realty Trust and its subsidiaries are delighted to have been chosen to execute all the aspects of this graduate student housing project for the prestigious Johns Hopkins Medical Institute," said Tom Trubiana, Chief Investment Officer for EDR. "Being an integral part of the major urban re-development project untaken by EBDI is very exciting and gratifying as well. It requires a significant amount of collaboration and cooperation to develop quality housing at affordable rents. We couldn't be more pleased with the efforts of all of our partners to make this project a reality."
The graduate student housing project is part of a master planned, 88-acre, urban re-development that will include 1.1 million square feet of life science technology space, 400,000 square feet of office and retail space, 2,100 mixed income housing units, parking and a seven-acre campus with a pre-kindergarten to eighth grade public school. The Graduate Housing Project will be located at the corner of Ashland Avenue and North Wolfe Street, across from a three-acre open green space park.
Consistent with an independent market study, the graduate student housing project will consist of 321 apartments (572 beds) in a unit mix of primarily 1-bedroom/1-bath, 2- bedroom/2-bath and efficiency units in proportion to indicated demand levels. The project will feature various residential amenities including a green roof for socializing and gathering, a fitness center, as well as meeting and study rooms. The units are appointed with hardwood floors, granite countertops, stainless steel appliances, along with washers and dryers in each unit and high speed internet access linked directly into the University computer system. LEED's Silver certification will be sought for the project.
Allen & O'Hara has selected Marks, Thomas Architects as the lead firm on the architecture and design of the project, and Clark Residential as the general contractor. Both companies have extensive experience in the development of projects in the Baltimore area. Local developer, The Otis Warren Company, has been chosen to assist Allen & O'Hara in the development process. Site entitlements have been obtained, design is well underway and construction is scheduled to begin in June 2010 for a June 2012 opening.
Commencement of construction is subject to execution of final definitive agreements and the ability to securing acceptable financing from several options that are currently being evaluated.
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About Education Realty Trust
Education Realty Trust (NYSE:EDR) is a self-administered, self-managed real estate investment trust that owns, develops and manages high-quality student housing communities throughout the United States. Led by a team with over 200 years of shared industry experience, EDR is one of America's largest owners and operators of collegiate student housing. Its portfolio includes 64 communities in 22 states with 37,827 owned and managed beds. For more information please visit the Company's website at www.educationrealty.com.