WKU News

The Western Kentucky University Board of Regents voted Friday, April 24, to approve a public-private partnership (P3) transaction with Gilbane Development Company and its affiliates for the operation, management and improvement of the University’s residential portfolio, a transformative $350 million public-private partnership that marks the largest residential investment in WKU’s history. On Monday, April 27, the Kentucky Capital Projects and Bond Oversight Committee also approved the partnership. These approvals clear the way for financial close, anticipated to conclude in May 2026, setting the stage for a total revitalization of WKU’s campus housing portfolio.

The initiative will replace aging campus housing infrastructure with modern, student-centered living-learning environments designed to boost recruitment, improve retention and enhance the Hilltopper experience for generations to come.

The partnership utilizes a long-term ground lease model, enabling WKU to leverage private-sector expertise and capital while retaining strategic control over the student experience. Under this structure, WKU will enter into a ground lease with the Collegiate Housing Foundation (CHF) – a national 501(c)(3) organization and Alabama nonprofit corporation – which will serve as the owner and borrower of the project. CHF’s nonprofit status enables the project to qualify for tax-exempt financing, significantly reducing the cost of capital.

The Kentucky Bond Development Corporation will serve as the conduit issuer, facilitating the sale of both tax-exempt and taxable revenue bonds. In total, approximately $350 million in bond financing will be deployed across the first phase of the project. Importantly, WKU will not be liable for debt service on CHF’s debt. Revenue generated from student housing fees will pay CHF’s debt service, and CHF will return any surplus revenues back to WKU after ensuring adequate funds are available for residence hall repair and maintenance. Brailsford and Dunlavey will serve as project advisor.

Key provisions of the agreement include:

• The Ground Lease will have a 50-year term, with CHF required to transfer the housing facilities back to WKU for nominal consideration at lease conclusion.
• CHF is prohibited from constructing additional housing facilities without the University’s prior written consent.
• CHF is required to maintain all housing facilities in good order with an annual budget subject to University approval.
• CHF may not further mortgage or encumber the housing facilities without WKU’s prior written consent.

The first phase of Elevate WKU will include the acquisition of the University’s existing housing facilities from the Student Life Foundation (SLF) and the demolition of Douglas-Keen and Hugh-Poland Halls, along with a nearby dining facility, to construct a new, approximately 1,000-bed dormitory and dining facility on the same site. Groundbreaking for this first phase is scheduled for fall 2026, with the new facility scheduled to open in fall 2028.

In addition to the new construction, Gilbane will make improvements to existing housing facilities. The Student Life Foundation will separately be responsible for demolishing Hilltopper Hall, which has been determined to be beyond repair. Normal and Regents Halls are currently being repaired by the SLF, and CHF will take title to those facilities once repaired.

Over the life of the partnership, the initiative is expected to eliminate traditional community-bath layouts in favor of suite-style configurations, providing the next generation of students with a modern balance of privacy and community.

“This is a pivotal moment for the future of our Hill,” said WKU President Timothy C. Caboni. “Through Elevate WKU, we are providing high-quality, modern housing that remains affordable for our students while partnering with national experts in the field.”

WKU will maintain full control over the residential experience through a shared governance structure. Inwood Management, a premier collegiate property management firm, will be responsible for the day-to-day operations and physical maintenance of the residential portfolio, working within this shared-governance framework alongside WKU’s Residence Life team.

Research and campus data consistently show that students who live in high-quality, intentional on-campus environments achieve higher GPAs and persist to graduation at higher rates. Elevate WKU ensures the University’s physical infrastructure supports student success.

The new residential communities will feature:

• Collaborative study lounges and integrated community hubs
• Purpose-built social spaces designed to foster peer-to-peer connection
• A great hall and campus dining space supporting community engagement in the First-Year Village.
• Living learning communities (LLCs) designed to support a vibrant and successful student population

“Elevate WKU represents the kind of long‑term, mission‑aligned public-private partnership we are proud to partner on,” said Geoff Eisenacher, Vice President of Development, Gilbane Development. “At its core, this housing initiative is about students—creating and maintaining modern living‑learning environments that foster belonging, support, student success, and strengthen the Hilltopper experience from a student’s very first day on campus and throughout their academic career. By combining WKU’s leadership and vision with our experience, we’re able to deliver communities that help students thrive today while laying the foundation for generations of future Hilltoppers.”

About Western Kentucky University

Western Kentucky University is home to more than 16,000 students across its campuses in Bowling Green, Elizabethtown, Glasgow and Owensboro. WKU is committed to providing a transformative educational experience and preparing students for success in a global society.

About Gilbane Development Company

Gilbane Development Company is the real estate development, financing and ownership arm of Gilbane, Inc. A national leader in public-private partnership student housing, the company has developed a wide range of projects across the U.S., including affordable housing, student housing and healthcare facilities.

About Collegiate Housing Foundation (CHF)

The Collegiate Housing Foundation is a national nonprofit organization established in 1996 with a mission to assist institutions of higher education in providing high-quality, affordable housing for their students.  As 501(c)(3) entity, CHF specializes in the ownership of student housing facilities through creative financing structures, helping universities achieve their housing goals without impacting their direct debt capacity.

About Inwood Management

Inwood Management is a premier property management firm dedicated to the operational excellence of collegiate residential communities. Known for its student-first philosophy, Inwood specializes in the day-to-day management, maintenance and facility operations of on-campus housing, working within the shared governance frameworks alongside university residence life teams.

- WKU -

Western Kentucky University prides itself on positioning its students, faculty and staff for long term success. As a student-centered, applied research university, WKU helps students expand on classroom learning by integrating education with real-world applications in the communities we serve. Our hilltop campus is located in Bowling Green, Kentucky, which was recently named by Reader’s Digest as one of the nicest towns in America, just an hour’s drive from Nashville, Tennessee.