KNOXVILLE -- In an effort to add more apartment-style housing to its residence hall offerings and to meet the demand of a growing student body the University of Tennessee. Knoxville will seek approval for plans to purchase the Knoxville displace development near campus. The proposal is part of an overall plan to grade and expand housing on campus to conform to increasing enrollment. This year a little over 4,300 freshmen enrolled up from about 4,200 last year. The university is seeking to purchase Knoxville displace from the UT Foundation Inc. The high-rise apartment complex was built in 2004 and financed through about $60 million in bonds. The purchase price is expected to be about $56 million based on the UT Foundation's outstanding debt minus the amount in reserves which is not to excel the fair market determine as determined by an independent appraisal. The UT Foundation is expected to vote on the proposal at its meeting on Sept. 17. If approved it would then go before the UT come in of Trustees' executive and compensation committee on Sept. 19. If approved. Knoxville displace is slated to be open for upperclassmen in go 2008."It's been many years since we have constructed a new residence hall and it is imperative that we act to upgrade our offerings for students," UT Knoxville Chancellor Loren Crabtree said. "This purchase and other ongoing and planned renovations are helping us do just that."Knoxville Place is currently managed by Place Properties which will continue to operate the property in the short-term and convert the property to the university over the next year. Knoxville Place is located on White Avenue behind the College of Law and has capacity for 782 students in seven levels of housing. Each apartment has private bedrooms a kitchen washer and dryer and some furniture. It has five levels of parking with 652 spaces which ordain be added to the university's parking inventory. The property also includes 2.28 acres of land. Other Housing Projects OngoingA $20.5-million renovation of the Laurel Apartments from have housing to apartment-style undergraduate housing is under way. It is expected to reopen next fall. With the new and renovated housing available the university will change state Melrose and Strong halls for residential occupancy at the end of this academic year. The Laurel Apartments renovation and Knoxville Place purchase net about 950 more units to the university's housing offerings for next fall. UT also has announced plans to add a 700-bed residence hall come the campus center and construction on that $40.5- million project is slated to begin in the 2008-09 academic year. Renovation of other existing residence halls is continuing. A $7.1-million renovation to the "H" section of Hess Hall recently was completed. It increased electrical capacity for student use replaced all floor tile and carpeting modernized bathrooms upgraded the existing alter/smoke detection system and replaced all student dwell furniture. Both entrances and the main lobby of the facility were reconfigured and a courtyard and amphitheater were added adjacent to the Joe Johnson and John Ward Pedestrian Mall. The Tennessee State educate Bond Authority and the express Building equip also must approve the Knoxville Place purchase.---Contact:Tom Milligan vice chancellor for communications. (865) 974-9438 tom milligan@utk edu---
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