TERRE HAUTE, Ind. (WTHI) - Indiana State University has announced plans to build a new student housing complex at 500 Wabash Ave.
The building would include three floors of student housing, with retail space on the ground floor, according to the announcement. The building would be built and owned by Thompson Thrift.
Plans for the design would mimic the historic buildings now on the site, according to Diann McKee, vice president for business affairs and finance.
"The historic facade of five existing buildings that will be incorporated into the new housing and retail development will be preserved," she said.
McKee will present a 30-year lease agreement to Indiana State's board of trustees on Friday that will give the university control over the student housing portion of the building, which will include an estimated 228 beds, according to a university press release.
In addition to approval by university trustees, the agreement is also subject to the approval of the Indiana Commission for Higher Education and the State Budget Committee.
In March 2011, university officials issued a request for qualifications that resulted in 36 developers expressing interest in such a project. Trustees later authorized a pre-development and planning-agreement with Thompson Thrift.
The lease-agreement calls for the university to pay Thompson Thrift $385 per month per bed, with annual adjustments based on the increase in on-campus room and board or 1.25 percent, whichever is greater. The university will be responsible for all maintenance and operating costs of the residential portion of the facility, including any real estate taxes.
The downtown student housing project will feature four-bed suites with a common living and kitchen area. Student rates for off-campus housing will be based on annual lease payments and cost of operations and maintenance for the facility. Tenants will pay any assessments required by a condominium declaration, including regular, parking, or special assessments.
The Wabash Ave. housing/retail development is projected for completion in fall 2015. The university's lease payments will be paid by University Housing Operations from Housing and Dining System Revenue.
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