“We wouldn’t be breaking ground on a new building if our first building had not been so successful,” Ramsey said.
The new building, which will be known as 700 North Hurstbourne, is a joint venture between the University of Louisville Foundation and NTS Development Company. Ownership of the new development will follow the same model as the previous building with the UofL Foundation owning 51 percent and NTS owning 49 percent.
NTS President and CEO Brian Lavin said, “We are excited about the opportunity to continue the success we’ve had at 600 North Hurstbourne.”
Ramsey, who often talks about the importance of generating new revenue sources for the university, said development of the 243-acre Shelby Campus represents an important strategic initiative.
“Developing this underutilized property will bring new revenue to the foundation and university – revenue we desperately need for scholarships, research and infrastructure improvements to become a premier metropolitan research university,” he said.
The 125,000 square foot, four-story building will be just north of Shelbyville Road. It will be similar to the 600 North Hurstbourne Building and, like the previous building, is expected to receive LEED certification for its energy and environmental efficiency.
Burhans Hall and Founders Union will remain academic buildings on the 20-acre core of the Shelby Campus, which also houses the Center for Predictive Medicine.