Lehigh University, EdR Celebrate Groundbreaking of SouthSide Commons
MEMPHIS, Tenn., May 21, 2018 /PRNewswire/ -- EdR (NYSE: EDR), one of the nation's largest developers, owners and managers of high quality collegiate housing communities, recently celebrated the ceremonial groundbreaking of SouthSide Commons with Lehigh University in Bethlehem, Pa.
"This is an exciting day on the path to building an even stronger Lehigh as we look to grow our student body and strengthen ties with South Bethlehem," said John Simon, President of Lehigh University. "Lehigh, along with our partner EdR, has envisioned SouthSide Commons as an attractive housing option for our students that is also an important addition to the campus and the surrounding community."
SouthSide Commons will be a community of traditional apartments that will serve upper level undergraduates, transfer, international and graduate students. The community will have 428 beds in a mix of studio, 2, 3 and 4 bedroom units.
"We are proud to be serving a role in Lehigh's 'Path to Prominence' initiative," said EdR president Tom Trubiana. "This development will be an excellent option for students seeking a more independent living which is still a part of campus and creates a sense of community that is normally associated with traditional residence halls."
SouthSide Commons will feature a fitness center, study rooms, interior bike storage, outdoor recreational spaces, pet friendly living, in-unit laundry and high speed WiFi throughout the community.
The community will be financed through The ONE PlanSM, which is EdR's on-campus equity plan that uses the company's equity and financial stability to fund projects on university land. This program gives the university access to a single trusted partner, and helps create substantial long-term financial benefits for EdR and its partner university.
Construction on the site began earlier this spring and SouthSide Commons in on schedule to open in Summer 2019.
Founded in 1865, Lehigh University is one of the premiere academic institutions in the nation. The current enrollment is 7,059 and the school has produced Pulitzer Prize winners, Fulbright Fellows, National Medal of Science winners and captains of industry.
About EdR
EdR (NYSE:EDR) is one of America's largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 79 communities with more than 42,300 beds serving 50 universities in 25 states. EdR is a member of the Russell 2000 Index, the S&P MidCap 400 and the Morgan Stanley REIT indices. For details, please visit the company's Web site at www.EdRtrust.com.
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SOURCE EdR
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