Transylvania University will name one of its three new residence halls after lead donor James E. "Ted" Bassett III, officials announced Monday.
Bassett, a member of the university's board of trustees since 1970, contributed the project's initial leadership gift, the amount of which was not disclosed.
Bassett Hall will open for students in fall 2016. The other two residence halls will open between this fall and fall 2016. All three are being built off West Fourth Street near North Broadway.
"It is a privilege for me to be associated with Transylvania University, one of the nation's most revered and respected universities," Bassett said. "I am honored to be partnering with them in helping to deliver a quality education for the next generation of students."
A native Kentuckian, Yale graduate and Marine Corps veteran, Bassett served as Keeneland's president and chairman of the board and was president of the Breeders' Cup. He also was a director of the Kentucky State Police and received the Congressional Medal of Honor Society Distinguished Citizen Award in 2011.
Bassett also is a member of the Kentucky Athletic Hall of Fame and received honorary doctorates from Transylvania, Eastern Kentucky University and the University of Kentucky.
"Mr. Bassett's generous donation is a tremendous boost to our renewal here at Transylvania, ensuring our students' entire experience of university life is of the highest quality," President Seamus Carey said. "He is a role model for our students and a true leader with a strong commitment to his community."
Bassett Hall is among those replacing Clay and Davis Halls, named after Henry Clay and Confederacy President Jefferson Davis, a Transy alumnus.