MBJ: Memphis company developing $80 million Ivy League housing
Cornell University students will soon have a new housing option, thanks in part to a Memphis-based developer.
EdR — owner, developer and manager of collegiate housing — and representatives from Cornell University broke ground May 5 in Ithaca, New York, on an $80 million, on-campus, graduate housing complex.
“As an Ivy League school, Cornell University is a prestigious academic institution, and they have a longstanding commitment to housing students on-campus, which aligns with our corporate vision,” said Jeffrey Resetco, vice president of real estate development and construction for EdR. “The Ithaca area has a less than 1 percent vacancy rate in its rental market, and this project expands the number of affordable housing options for Cornell’s graduate student population from 362 beds that were on the site previously to 872 that will be available when the project is complete.”
The Maplewood Graduate and Professional Student Housing facility will feature an open outdoor space, children’s playground, community center, study areas and Wi-Fi.
Project completion is expected to occur in fall 2018. EdR recently started using Oculus Rift technology to give prospective residents virtual reality tours of a few of its properties currently under construction. The company said it is still determining if it will use that technology at the Cornell development.