Estimated read time: 1-2 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
CAPE GIRARDEAU, Mo. (AP) — Leaders of Southeast Missouri State University have approved moving forward on a planned housing development intended for students in Greek organizations.
University staff will work on finalizing financing options for a Greek village, a project that has drawn criticism among local preservationists who hoped to see two historic homes be incorporated in the proposed development.
The Greystone Estate, built in 1921, was razed in March after it was closed last year due to roofing problems and other issues, the Southeast Missourian (http://bit.ly/1Pe3xH8 ) reported. Another residence, built sometime between 1917 and 1921, is set to be demolished.
Last week, the university's board of regents approved staff to work on designing and financing options for the Greek village. Kathy Mangels, vice president of finance and administration, has said the project's total cost estimate is about $8.8 million, which includes site work, furnishing and architectural fees.
University staff and architect consultants have met with members of four Greek groups that have expressed interest and shown they can afford to lease four houses that would be built as part of the project's first phase.
Each house is planned to have beds for around 22 to 35 students. The student organizations would lease the homes, and the money paid to the school would go toward debt service.
Final site plans, leases and financing are expected to be presented for the board's final approval at its June meeting.
Information from: Southeast Missourian, http://www.semissourian.com
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.