The following is excerpted from the Deseret News. To read the full article, CLICK HERE.

A groundbreaking ceremony Friday signaled the beginning of a unique collaborative housing project involving The University of Utah, the Clark and Christine Ivory Trust and The Church of Jesus Christ of Latter-day Saints that will serve students during an unprecedented housing crunch.

The three institutions are working together to build Ivory University House, a four-building, 552-unit apartment community at the corner of Mario Capecchi Drive and South Campus Drive to add housing for U. students. Rent paid will be donated to provide scholarships, housing stipends and internships for U. students.

The first building is scheduled to be completed in the summer of 2023 where a church meetinghouse once stood.

“This innovative new model will transform the university’s housing situation and help serve thousands of students,” University of Utah President Taylor Randall said in a news release. “This type of partnership is key to our future growth, allowing us to provide expanded opportunities for Utah students.”

The Ivory University House is a private facility and not part of the U.’s Housing & Residential Education. It is also not governed by the church.

How the idea of Ivory University House could be worth $1 billion

Clark and Christine Ivory first discussed the idea 10 years ago during his tenure as a member and chair of the university’s board of trustees.

They wound up with a public-private partnership between a state school, a church and a private foundation.

To read the full article, CLICK HERE.