The Residency Group, LLC, a private South Carolina-based development company, will develop a student residence facility near Coastal Carolina University's Conway campus. The first phase of the 987-bed facility, to be located on a 27-acre site on S.C. Highway 544 approximately one-half mile from campus, is expected to be ready for occupancy by the 2003 fall semester.

A newly-created student housing foundation will issue bonds to finance the construction. The Residence Group, LLC, will build and manage the facility. Ownership of the property will revert to the university in 30 years.

"This facility will provide much-needed housing for our students within walking distance of campus," said Stan Godshall, Coastal's assistant vice president for budget and facilities. "It will allow us to use more of our undeveloped property for academic facilities."

The project will include 21 buildings with 47 beds each. The one, two and four private bedroom apartments will offer private baths, furnished bedrooms, living and dining rooms and kitchens.

"Initiatives between foundations and private developers have proved beneficial to many institutions of higher education across the country," said Dan Moore, chairman of the newly created student housing foundation and a member of Coastal's Board of Trustees. "This is the first time Coastal has benefited from such an undertaking and it is the second such arrangement for a South Carolina university."