Academic Privatization,LLC

University of Louisville

Phase I: Bettie Johnson Hall

Academic Privatization initiated the first privatized development funded by a tax-exempt bond issue in the University of Kentucky System. The privatization partnership was finalized between Academic Privatization, co-developing with Allen & O'Hara, Inc., the Collegiate Housing Foundation and the University of Louisville. Under the terms of the agreement, Academic Privatization and Allen & O'Hara provided student residence apartments on the campus of the University of Louisville, utilizing financing accomplished through the issuance of tax-exempt bonds.

This project was a fast track development requiring interim funding. The Board of Trustees accepted the developer's proposal in late June 1999, and construction began August 23, 1999. The tax-exempt bonds funded in November 1999. Consequently, Academic Privatization, LLC and Allen & O'Hara, Inc., guaranteed funding and payment of $2,500,000 to complete project design and three months of construction prior to funding of the bonds.

Class A Project

The Class A project consists of 493 beds in a 222-unit, 4-story community. The single building encloses an open-air atrium which includes a pool, volley ball court and picnic area. The project consists of one, two and four bedroom units designed for private bedroom occupancy. Amenities include full kitchens, living/dining areas and complete furnishings. The lobby/public areas contain a TV room, exercise facility, recreation room, lounge, computer center, business center and eight laundry rooms. Each bedroom is directly connected to the University's fiber optic data network.  The apartments were completed August 1, 2000, as the first phase of a 1,200 student bed award.

Phase II

As phase two of a three-phase award, Academic Privatization and Allen & O'Hara initiated construction of a new 402-bed student housing complex and food service facility at the University of Louisville. The privatized partnership was finalized between Academic Privatization, co-developing with Allen & O'Hara, Inc. the University of Louisville Foundation and Jefferson County. Under the terms of the agreement, Academic Privatization and Allen & O'Hara provided student residence suites on the campus of the University of Louisville utilizing financing through the issuance of tax-exempt bonds.

This project was a fast-track design/build development requiring interim funding. Construction began in June, but financing was completed in mid July. Consequently, Academic Privatization and A&O guaranteed interim funding which enabled an early start and assured completion in August 2003.

Project Description