Kennesaw State University Develops Student Housing

Kennesaw State University is developing University Place, comprised of 11 three-story residential buildings and a 1,500-car parking deck. The $61-million, 700-bed project is a public-private venture built not with taxpayer dollars but with tax-exempt bonds and a nonrecourse loan. The 196-unit development included the Kennesaw State University Foundation's purchase of nine private homes and an existing apartment complex, which also helped fund the project. Future plans include an additional 1,000-bed dormitory slated for completion in August 2004, when construction will begin on yet another 1,000-bed facility, expected to reach completion in 2005. University Place is being developed by Place Properties, a developer of student housing and related university facilities that specializes in financing and constructing public-private projects.