LUBBOCK, TX-Texas Tech University has broken ground on a 516-bed residence hall located on the outer edge of its main campus here. The 178,000-square-foot project, which has a price tag of $45 million, also includes a two-story, 22,000-square-foot dining hall, three exterior courtyards and several new parking lots with 500 parking spaces.

Unlike many other public universities, Texas Tech is self-funding the project. It will also operate the facility, which is situated on the corner of 18th Street and Boston Avenue.

“We were in a healthy financial position to do it ourselves,” says Michael Molina, vice chancellor of facilities planning & construction for Texas Tech. “We felt that we could borrow money a lot cheaper than the private sector, and owning it is a better financial model for us. The ROI looked good.”