May 13, 2022 298 views
With a groundbreaking ceremony on May 13, the Clark and Christine Ivory Trust, the University of Utah and The Church of Jesus Christ of Latter-day Saints will forge a new collaboration to serve students during an unprecedented housing crunch. All net proceeds from this project will be dedicated to students for scholarships, housing stipends and internships.
Ivory University House is a four-building 552-unit apartment community at the corner of Mario Capecchi Drive and South Campus Drive. The first building will be completed summer 2023.
Taylor Randall, University of Utah president, says “This innovative new model will transform the university’s housing situation and help serve thousands of students.”
“Public private partnerships are key to our future growth allowing us to provide expanded opportunities for Utah students,” he added.
Clark and Christine Ivory first started thinking about ways to boost student success ten years ago during Clark’s tenure as 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,” said Clark Ivory. “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.”
Ivory University House will also help shape the vision for a “University Town” that Randall unveiled in his Inauguration in March.
To accelerate these efforts, while Ivory University House is being built, the Clark and Christine Ivory Foundation will donate an additional $6 million in seed funding to build “Complete U,” a strategic plan to activate campus year-round and engage underclassmen in experiential learning opportunities that lead to better student outcomes.
“Our foundation has always focused on students who need the greatest support,” said Christine Ivory. “Ivory University House will allow us to expand that focus in so many ways, including providing housing assistance for students most in need.”
The Clark and Christine Ivory Foundation has provided more than 7,000 scholarships, internships and mentorships at universities, colleges, and high schools across the state of Utah. Due to housing becoming a critical need during the pandemic, the Ivory Foundation is now prioritizing student housing.
“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,” said Randall.
Along with Ivory University House, the university is in the process of adding approximately 1,700 units of student housing, including:
“We’re so grateful for the innovative and significant contributions of Clark and Christine Ivory to the University of Utah,” said Heidi Woodbury, Vice President of Development. “Ivory University House and their generous support of new programming will enliven our campus and allow us to do so many remarkable things for students in the years to come.”
The Church of Jesus Christ of Latter-day Saints, who is leasing the property for 99-years to Ivory University House, supports the project: “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.”
The Ivory University House project is financed by Washington Federal Bank.
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