New U of U housing groundbreaking in collaboration with Ivory Foundation and local church
May 16, 2022, 5:20 PM | Updated: 5:53 pm
(University of Utah)
(University of Utah)
SALT LAKE CITY — Friday marked the groundbreaking of new housing for thousands of students in a collaboration between the Clark and Christine Ivory Trust, the University of Utah, and the Church of Jesus Christ of Latter-day Saints.
The Ivory University House will be a four-building, 552-unit apartment community that sits at the corner of Mario Capecchi Drive and South Campus Drive and will be completed in the summer of 2023.
According to a release from the U, all net proceeds from this project will be dedicated to students for scholarships, housing stipends and internships.
Excited to break ground on the Ivory University House—a collaboration between the Clark and Christine Ivory Trust, the University of Utah & The Church of Jesus Christ of Latter-day Saints—that will serve students during an unprecedented housing crunch.
📰 https://t.co/ntF5K7uJVC pic.twitter.com/8ZzNP5Cv7F
— University of Utah (@UUtah) May 13, 2022
The Ivory foundation is focused on improving access to student housing during a critical time.
According to Taylor Randall, University of Utah President, “Fall enrollment is projected to be up nearly 20 percent this year, and there is a waitlist of around 3,000 students who have applied for on-campus housing. Ivory University House cannot be completed soon enough.”
Clark Ivory was formerly a member and chair of the University’s Board of Trustees.
“Rather than making a one-time donation, we wanted to produce an ongoing gift for student support,” Clark Ivory said. “We are taking a $24 million investment and producing an annuity that will likely generate more than $1 billion in impact over 99 years. This is the future financial model for supporting higher education and we are grateful to The Church of Jesus Christ of Latter-day Saints for making this possible with our ground lease of this prime property adjacent to the University of Utah.”
The Church of Jesus Christ of Latter-day Saints, which is leasing the land to Ivory University House released the following statement:
“Education opportunities are extremely important to both individuals and society as a whole. The Church is pleased to participate in this project, which will benefit academically focused University of Utah students, with off-campus housing and future scholarships.”
Mayor Erin Mendenhall and Lieutenant Governor Deidre Henderson also attended and spoke at the groundbreaking event.
Students deserve an affordable place to live in close proximity to class. University House will do just that with more than 500 units coming online with this project. https://t.co/G5m8EkC8IH
— Mayor Erin Mendenhall (@slcmayor) May 13, 2022
The Ivory University House groundbreaking is now official! 🎉 @slcmayor @LGHendersonUtah @UUtah pic.twitter.com/p7LqvYrEFl
— SLCgov (@SLCgov) May 13, 2022
