Western Kentucky University (WKU) has approved a $350 million public-private partnership to redevelop and operate its campus housing portfolio under the “Elevate WKU” initiative. The WKU Board of Regents and the Kentucky Capital Projects and Bond Oversight Committee have authorized the transaction, with financial close expected in May 2026.
The project will replace aging residence halls and upgrade existing facilities. The first phase includes demolition of Douglas-Keen and Hugh-Poland Halls and construction of a new dormitory with approximately 1,000 beds, along with a dining facility on the same site.
The project will be financed through approximately $350 million in tax-exempt and taxable revenue bonds. The Collegiate Housing Foundation (CHF) will serve as the project owner and borrower, while the Kentucky Bond Development Corporation will act as the conduit issuer. Gilbane Development Company will lead development and capital improvements. Inwood Management will handle operations and maintenance of the housing portfolio. Brailsford and Dunlavey will serve as project advisor.
The partnership uses a 50-year ground lease structure. WKU will retain oversight of the residential program, while CHF will manage and maintain the housing assets during the lease term. The agreement requires the assets to be transferred back to the university at the end of the lease.
Construction for the first phase is scheduled to begin in fall 2026, with completion expected in fall 2028. Additional upgrades to existing housing facilities will continue under the partnership.
The project is expected to modernize campus housing infrastructure and improve residential capacity and conditions for students.