A new public-private partnership between the University of Nebraska at Kearney and a Nebraska investor will bring a $48 million housing project to the University Village development at UNK.
Millennium Development and UNK jointly announced the upscale townhome and apartment project at a Monday news conference.
The investor of the privately funded project is real estate developer Scott Rief of Grand Island. Rief’s company, Millennium Development, will build, own and manage the Kearney project. UNK will lease the land to Millennium.
The housing development will be built in four phases, with the first including 86 units, a clubhouse, outdoor swimming pool, indoor and outdoor gyms, carriage house, attached garages and courtyard. It will be constructed southwest of the central green space at University Village.
Initial construction will include five buildings – including a mix of apartments and townhomes – and two 10-plex units. The $14 million first phase will also include a 5,000-square-foot retail space with a restaurant planned as the anchor business.
Construction is expected to begin in August and targeted for completion in June 2021. The housing is not just for university students, faculty and staff, but the entire Kearney community.
The 104-acre development includes Village Flats, a 99-unit, apartment-style housing complex for UNK students, staff and faculty completed in summer 2018, and UNK’s LaVonne Kopecky Plambeck Early Childhood Education Center, which opened in 2019. An indoor tennis complex and Regional Engagement and Alumni Center are also planned for construction.