Contact: Dan Adkins

The report included a detailed study of retirement communities at the University of Florida, where entrance fees for units range from $102,000 to $477,000, and the University of Alabama at Tuscaloosa, where fees range from $129,500 to $350,000 with monthly service fees varying from $1,725 to $2,995. The developers of those projects reported about $5 million in capital is required to launch a project. Under the preliminary study’s recommendations, the developer for the UK project would be fully responsible for the project’s financing.

Back to main Board story

LEXINGTON, Ky. (Sept. 21, 2004) -- The University of Kentucky Board of Trustees today authorized issuance of a request for proposals from developers regarding possible construction of a continuous care retirement community at Coldstream Research Campus.

As outlined by Jack Blanton, former senior vice president for finance and administration at UK, the project would build a community for retirees on 192 unreserved acres along Coldstream’s northern section that borders Interstate 64 and U.S. 25- Georgetown Road. The community would offer three residential options: an independent living section with private dwellings or apartments; an assisted living section with accommodations similar to a hotel with a dining room; and a skilled nursing home facility that may include a unit for Alzheimer’s disease patients.

In a report to the UK Board of Trustees on a preliminary study of the project, Blanton said four firms have had experience with retirement communities associated with universities.

The report included a detailed study of retirement communities at the University of Florida, where entrance fees for units range from $102,000 to $477,000, and the University of Alabama at Tuscaloosa, where fees range from $129,500 to $350,000 with monthly service fees varying from $1,725 to $2,995. The developers of those projects reported about $5 million in capital is required to launch a project. Under the preliminary study’s recommendations, the developer for the UK project would be fully responsible for the project’s financing.

The developer selected after the request for proposals process will perform a market survey, including information on cash-flow projections and final details of lease income the university could expect from the project.

Residents of the retirement community “would become full-fledged members of the ‘ University of Kentucky Family,’” according to the study. A daily shuttle bus would transport residents from Coldstream to the main campus, and residents would qualify for membership in the Hilary J. Boone Center, the Spindletop Club, the University Golf Club, the University Wellness Center, and other university-affiliated clubs and organizations. They also would receive identification cards granting access to UK Libraries and campus events, such as plays, concerts, lectures, exhibits and certain athletic competitions.