Renovate and repurpose existing 113-room Hilton Garden Inn hotel for student housing
Educational area for undergraduate hotel and hospital management degrees
Housing for nursing students
Retain and create 58 jobs, of which 30 are projected new jobs
Provide a total of 25 construction jobs
NCIF: $6MM in NMTC allocation
CDFI Partner: Brown Field Revitalization, Consortium America, Community Trust Bank
Large Bank: US Bank
The Project will fund the University of Pikeville (UPIKE) Student Housing and Education Facility development. The Project will comprise the purchase of an existing 113-room Hilton Garden Inn hotel in downtown Pikeville KY. After the purchase, the building was renovated and repurposed from hotel space into a student housing and educational programming space. The educational area includes space for undergraduate hotel and hospital management degrees, and nursing students will also live in some of the rooms in the student housing. The Project is projected to retain and create 58 jobs, of which 30 are projected new jobs. In addition, the Project will provide a total of 25 construction jobs.
UPIKE serves the Central Appalachian region, which consists of most of the poorest sections in the area, including eastern Kentucky, Southern West Virginia., and northeastern Tennessee. Approximately 68% of undergraduate students are considered low income, as indicated by their receipt of Federal Pell Grant Aid (below $35,782 per year median household income), and 41% of university undergraduates are first-generation university students.