JONESBORO, AR (KAIT) - Arkansas State University has moved forward with a lease agreement to construct on-campus housing.
Region 8 News reported the proposed agreement on Wednesday.
The projects consist of an undergraduate facility with 350 beds on the the east side of campus and a 165-bed complex primarily for graduate students on the west side, according to an A-State news release on Friday.
According to A-State, this is its first public-private partnership to construct on-campus housing.
The 35-year land lease approved by the ASU System Board of Trustees is with Zimmer Development Company of Wilmington, N.C.
"We have seen some of the projects they have done and we have actually made some site visits and thought they had an excellent product,"Rick Stripling the Vice Chancellor of Student Affairs said.
Zimmer is to construct and maintain the units while A-State manages and market the two complexes.
"It moves us from 32,000 to about 37,000 hundred living on campus and that piece of it is really going to make us a really vibrant campus and it is really going to work well for us," Stripling said.
"During the initial years, Zimmer will pay $200,000 per year for the undergraduate land lease; $105,000 for the graduate area," the release states in part.
The two facilities would become A-State property at the end of the lease.
Stripling said the university has been looking to add more housing for students.
"The last three years we have seen a lot of demand for on campus student housing especially during the sign up period, last year we have as many as 500 students on a waiting list and they had already lived with us a year," Stripling said.
Construction is set to begin at the end of the spring semester and should be completed by the 2017 fall semester.
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