The 217,000-sf building will have 17,000-sf of commercial space for lease on the first floor. The second floor will house a computer lab and other academic space. The rest of the building will be built out as 384 studio apartments.
The city's urban renewal agency, the Portland Development Commission, will finance the $49-million project with economic redevelopment revenue bonds to be repaid with rental revenue. Gerding/Edlen Development, which is selling the property to PSU, will oversee design and construction.
The L-shaped building should be ready for occupancy for the fall 2004 term. A groundbreaking is scheduled for late this spring. The site for the project is currently occupied by an office building, a Key Bank building and a former frat house.
The project will help solve a significant housing deficit at the university. PSU has 1,400 housing units for its 23,000 students. On average, there are over 500 names on the housing waiting list. A recent study recommended the immediate addition of between 760 to 900 units as a minimum stop-gap measure.
PSU is acquiring the property under the LLC Broadway Housing, a wholly owned limited liability corporation affiliated with the PSU Foundation.
The student housing facility is one of several projects the university is undertaking to accommodate growth. In fall 2003, the University will open two facilities, the Native American Student and Community Center and Stephen E. Epler Hall.
As well, an expansion of the Helen Gordon Child Development Center is currently underway. Finally, the University expects to break ground on the NW Center for Engineering Science and Technology in the next 12-18 months.
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