MEMPHIS, Tenn., May 13, 2010 (GLOBE NEWSWIRE) -- Education Realty Trust Inc. (NYSE:EDR), a leader in the ownership, development and management of collegiate student housing, today announced the closing on financing of a new student housing development at the State University of New York College of Environmental Science and Forestry (SUNY-ESF) in Syracuse, New York for the ESF College Foundation, Inc.
Allen & O'Hara Development Co., LLC, ("Allen & O'Hara") a wholly owned subsidiary of EDR, will lead the design and development of this property. Construction will begin next week on the project which is scheduled to open in 2011. EDR will also provide management services for this student housing community under a ten-year agreement.
"We couldn't be more pleased with the efforts of our team and all of our partners to make this special project a reality," said Randy Churchey, President and Chief Executive Officer of EDR.
This community is expected to have 454 total beds in fully-furnished residence hall suites and apartments for freshmen and upper classmen, and will provide state-of-the-art accommodations such as fully wired data and cable services. Other amenities will include a multi-purpose commons area, lounge, computer lab, bike storage, laundry facilities and other conveniences for the comfort of the SUNY-ESF students.
"SUNY's College of Environmental Science and Forestry is one of the nation's leading eco-friendly universities," said Rhonda Johannesen, Vice President, Allen & O'Hara, and lead developer on this project. "The design will be a model of sustainable building and landscaping that embodies the environmental values of the College and their goal to become a climate neutral campus."
Some of the sustainability features include daylighting design, natural ventilation, and maximum use of high recycled content products and local and regional materials. Naturally landscaped areas, rain gardens and a renewable rainwater process combined with a variety of reduced water usage systems inside the building will help conserve water.
"Allen & O'Hara's attention to our college's sustainability ideals along with our goal to greatly improve our students' living environment impressed the selection committee," said Brenda Greenfield, Executive Director of the ESF College Foundation, Inc., a not-for-profit corporation of alumni, college and community leaders committed to helping the SUNY College of Environmental Science and Forestry (SUNY-ESF) achieve its mission through resource development and resource management.
"It is very important to our college and students that our student housing reflects the college's commitment to the environment and is on the cutting edge of sustainability."
About Education Realty Trust
Education Realty Trust (NYSE:EDR) is a self-administered, self-managed real estate investment trust that currently owns, develops or manages 64 student housing communities in 22 states with 37,830 beds. Led by a team with more than 200 years of collective industry experience, EDR is one of America's largest owners and operators of high-quality collegiate student housing. For more information please visit the Company's website at www.edrtrust.com.
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