About

Projects

Learn about Projects for University of Kentucky, including The Cornerstone, Renew/Modernize Facilities, and Student Center Renovation & Expansion.

https://www.uky.edu/edc/place/cornerstone

The Cornerstone

2019 Series A and Taxable Series B Certificates of Participation

$32,485,000 Par Amount

The Cornerstone serves as the gateway to an emerging innovation district that will further link the University with the City of Lexington. The project is scheduled to be completed in fall 2020. The Cornerstone property will allow UK to provide much-needed additional parking capacity on the north side of campus, by expanding the existing parking structure at Limestone and Upper Streets to include more than 900 new spaces. These additional parking spaces will further improve mobility and access to, from and around campus for our students, faculty, staff and visitors. 

The ground floor of The Cornerstone will include a flexible, technology-rich innovation space with a variety of programming to stimulate conversation and collaboration between students, faculty, staff and community. Other features of The Cornerstone include a gamers' lounge, a multiuse 100-seat theater that can host esports tournaments, hold classes, and be the home for a myriad of other events and a food hall with shared seating to create additional opportunity to build community and collaboration.

To read more about The Cornerstone project, please visit the website here.

  • $32.4M total project cost and is financed through a P3 arrangement
  • Mixed use parking facility will add more than 900 parking spaces with roughly 23,000 gross square feet of space for UK and retail use
  • Included in that total will be space for UK Innovation and eSports programs
Chem-Phys: The construction project will result in renovation third floor, as well as a completely new exterior facade of the building. Rendering courtesy of the UK College of Arts and Sciences.

Renew/Modernize Facilities

2018 Series A and Taxable Series B General Receipts Bonds

$222,530,000 Par Amount

2020 Series A and Taxable Series B General Receipts Bonds

$58,525,000 PAR AMOUNT

The University's Renew/Modernize Facilities Capital Project is a multi-phase effort to renew and modernize buildings that make up the core of central campus. By rehabilitating, restoring, and modernizing these facilities, the University can better preserve its heritage, conserve energy, create an environment for more efficient and effective teaching, and attract productive researchers. The project will include modernization efforts on the Chemistry-Physics Building, Frazee Hall, Patterson Office Tower, White Hall Classroom Building, Enoch Grehan Journalism Building as well as other buildings in the core of central campus. 

  • $122M total project cost
    • $60M - Phase I was funded by a portion of the 2018 Series A and Taxable Series B General Receipts Bonds
    • $62M - Phase II was funded by the 2020 Series A and Taxable Series B General Receipts Bonds
  • Preserve and extend useful life of existing buildings
  • Improve utilization of space providing a more flexible array of classrooms to serve our growing student population
  • Manage escalating repair and maintenance costs

Student Center Renovation & Expansion

2016 Series A and Taxable Series B General Receipts Bonds

$158,105,000 Par Amount

The University of Kentucky's Student Center was originally constructed in 1938 and expanded in 1968 and 1982. The Project replaced the outdated existing student center with a state-of-the art new facility, retaining the historic original 1938 portion of the building and preserving the Alumni Gymnasium originally constructed in 1924. The renovated and expanded facility accommodates a growing student enrollment and includes an atrium, recreation area, lounges, conference facilities, entertainment venues, retail space, food service, bookstore, student organization space, and administrative support offices. 

  • $200.3M total project cost
    • $160M  - bond proceeds
    • $40.3M - gifts and university funds
  • 378,000 gross square feet

UK HealthCare

The Albert B. Chandler Hospital Facilities Development Plan (Development Plan) provides for the systemic replacement and renovation of patient care facilities. Since the opening of the first two patient care floors in Pavilion A of the new patient care facility in May 2011, UK HealthCare (UKHC) has continued to experience strong patient demand for the delivery of its hospital system services. This volume increase has placed substantial capacity and throughout constraints on the hospital system operations, requiring continued fit-out of Pavilion A and the renovation of Pavilions H, HA, and G to provide adequate facilities for patient care.

  • The Development Plan has been implemented using two legislative authorizations which provide for an investment not to exceed $1.180M 
    • Patient Care Facility
      • Financed by a combination of bonds and equity. The bonds included on this project are:
        • 2005 ALCo General Receipts Notes
        • 2007A&B ALCo General Receipts Notes
        • 2009B Build America Bonds
    • Renovate/Upgrade HealthCare Facilities.
      • Financed by a combination of bonds and equity. The bonds included on this project are:
        • 2015A General Receipts Bonds
        • A portion of the 2018A General Receipts Bonds
  • To date, the Board has approved a total $1.052M investment in the Development Plan.

Kroger Field

2014 Series A and Taxable Series C General Receipts Bonds

$200,310,000 Par amount for 2014A&C

Constructed in 1973 and originally called Commonwealth Stadium, the facility had a capacity of 57,800. It was originally completed at a cost of $12 million by the firm of Huber, Hunt, and Nichols. The stadium and parking areas rest on an 86-acre plot that was once part of the UK Experimental Station Farm Grounds. 

In 2013, the University of Kentucky embarked on the ambitious renovation and expansion of Kroger Field. The stadium reopened in 2015 with widened concourses, new restrooms and a stadium packed with premium amenities including suites, loge seating and private lounges.

  • $126.5M total project cost
    • $110M financed through 2014A&C
      • 2014 Series A financed Kroger Field and the Jacobs Science Building
      • 2014 Series C financed Kroger Field
    • $16.5M financed by university funds

Privatized Housing Program

In 2012, the University embarked upon a historic multi-phased P3 partnership with Education Realty Trust (EdR/Greystar) to construct state of the art student housing facilities on campus. The new housing development provided new housing to enhance the learning experience for students at the University of Kentucky. The multi-phased project replaced most of the existing student housing located across campus with modern state of the art facilities. 

  • $449.3M total project cost
    • 100% equity funded 
  • 14 residence halls
  • 6,850 new beds