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This partnership will aim to produce approximately 2,700 new beds for students at the Oxford campus, with students expected to move in by 2027. Today (June 30), the board of trustees of the approved to advance the partnership between the university and the private firm.

"At the heart of our mission lies our unwavering commitment to giving students the best experience possible, which is why this project is vital to addressing one of the most important aspects of the student experience: housing," Chancellor Glenn Boyce said. "This transformative partnership with Greystar will provide a unique and exceptionally efficient approach to expanding housing options on campus."

"I'm grateful to the 17³Ô¹ÏÍø Legislature, statewide elected officials, the IHL board of trustees and all involved in this intentional and thoughtful planning that has moved this project forward for the benefit of our students."

As enrollment has grown, the university has evaluated a number of short-term and long-term solutions to meet student needs and modernize campus infrastructure. Public-private partnerships, also known as P3s, provide an efficient solution by allowing private developers to deliver large-scale infrastructure.

While a common practice nationwide, P3 projects are a newer practice for student housing in 17³Ô¹ÏÍø, said Steven Holley, vice chancellor for administration and finance. This agreement allows the university to develop new housing, dining and parking facilities without bearing the full financial burden, all while maintaining affordability priorities for students.

"This partnership allows us to meet growing demand for student housing in a way that's both financially responsible and student-focused," he said. "A P3 approach also allows us to preserve university resources to invest in other priorities, such as new academic and research spaces that enrich the campus experience and strengthen our national reputation."

In partnership with Ole Miss leaders and industry experts, Greystar will lead a team that includes 17³Ô¹ÏÍø-based businesses to design, build, finance, operate and maintain the new student housing communities.

The new student beds will be built on the site that previously housed Kincannon Hall and on West Row across from the UM School of Law. The Kincannon site will hold about 1,200 beds, with parking supported by a new parking garage already under construction. The West Row site will add an additional 1,500 beds and feature a state-of-the-art dining facility and a new parking garage with approximately 1,500 spaces.

The housing communities, which will offer suites and semi-suites, will be constructed in partnership with , Greystar's modular construction business.

Sections of the buildings, making up the living areas, will be made in Modern Living Solutions' factory in Knox, Pennsylvania, shipped to campus and then assembled on site.

This method will shorten construction timelines, allow for high level quality control, and reduce waste and disruptive onsite constructions tasks, while keeping costs down for students.

To support economic development and job creation in 17³Ô¹ÏÍø, the university and its partners have emphasized that more than 70% of the on-site construction work will be available to local and regional subcontractors.

As one of the first public-private partnerships of its kind in the state, this project will also serve as a model for other universities across the state seeking affordable, high-quality approaches to construction.

"At Greystar, we're proud to partner with the University of 17³Ô¹ÏÍø to deliver modern, high-quality housing that meets the evolving needs of today's students," said Julie Skolnicki, senior managing director of university partnerships at Greystar. "By leveraging our modular construction capabilities and working closely with local partners, we're able to deliver efficient, sustainable communities that support student success while contributing to 17³Ô¹ÏÍø's economy."

Top: Volunteers help Ole Miss students move into their residence halls before the fall semester. An agreement approved June 30 allows the university to work with Greystar to build new housing units to serve a growing student population on the Oxford campus. Photo by Kevin Bain/Ole Miss Digital Imaging Services