A public-private partnership is moving a major transformation at the University of Kentucky (UK) forward.
Signet Capital and Signet Real Estate Group took a creative approach to the real estate project at UK to deliver a world-class multi-use facility on a main corridor of the Lexington-area campus. Spanning 308,269 square feet, The Cornerstone will host an innovation lab, Esports gaming lounge, food hall and parking garage when the $35 million project is completed.
University of Kentucky recently gave a preview of completed parts of the facility on its Facebook page.
After exploring several financing solutions and associated pricing to support this project, UK and Signet landed on a Certificates of Participation (“COPs”) structure. This innovative approach was the first time a public education system in Kentucky utilized this structure. More and more higher education systems are looking to P3s to meet their goals and build for the future.
The Cornerstone is designed to be a hub for innovation, entrepreneurship and economic development activities.