University of Memphis Breaks Ground on $53M Student Housing

University of Memphis has taken a major step towards the future by breaking ground on a new residency hall.

University of Memphis took a step towards the future and broke ground on a new residency hall. Set to rise on the corner of Norriswood Avenue and Patterson Street, the 780-bed student housing development is targeting a fall 2015 completion, in time for the new college semester.

The $53 million project will comprise 24 six-bedroom apartments, while the rest of the beds will be located in double- and single-occupancy rooms with shared private bathrooms. The yet-to-be-named facility will also house classrooms, study and project space as well as space for student programs. The new structure will be compliant with the State of Tennessee’s Sustainable Design Guidelines.

The new project will replace Richardson Towers, which will continue to operate until project completion. Following the inauguration of the new dormitory, Richardson Towers will be torn down and in its place green space will be created.  Richardson Towers consist of two separate structures: the 10-story,500-bed Richardson Towers North, an exclusively female dormitory and the 10-story, 526-bed Richardson Towers South, an exclusively male dormitory.

The groundbreaking took place on the 101st anniversary of the University of Memphis. U of M had a fall 2012 enrollment of 22,139, 67 percent of which are full-time students. Outside of Richardson Towers it operates seven student housing assets comprising over 1,800 student housing beds as well as 150 family student housing units.

U of M’s operating budget is reported as $466 million, while its local economic impact is estimated at $1.43 billion.

According to the Memphis Business Journal, another student housing project for the University of Memphis is being developed nearby, on Southern Avenue. The project will create 74 luxury student housing units and is being developed by Rael Development Group.

Image courtesy of University of Memphis