Winner for multi-use Tennessee uni P3

The University of Tennessee, Knoxville, has selected a winning bidder for its multi-use, multi-site student housing P3 project.

The university's State Building Commission has awarded the project to RISE Real Estate, based in Valdosta, Georgia, following a request for proposals which was issued in December last year. Additional housing was also secured through a five-year master lease agreement with Lakemoor Station Apartments in South Knoxville.

To be delivered under a design, build, finance, operate and maintain contract, the project is the first housing P3 approved at a university in the state of Tennessee. The total development cost is estimated to be around $309m.

Three new residential communities delivered through the deal are expected to add 2,500 beds to the university’s housing inventory. The first, along Andy Holt Avenue, will include approximately 750 beds. The second, on Caledonia Avenue, is expected to comprise over 1,100 beds. The third residential community will be adjacent to Lindsey Nelson Stadium and is expected to open by the third quarter of 2026. It will include approximately 750 new apartment-style beds as well as an indoor practice facility.

 “These projects will add to the student experience as we modernize and expand our campus housing inventory. We are excited with our partnership with RISE and the opportunity to make this project a reality for the campus community.” said vice chancellor for student life, Frank Cuevas.

Tennessee universities have been busily ramping up their P3 business in recent weeks. Last week, UT-Knoxville issued a request for information on a planned entertainment district project.