YSU approves leasing university property to Columbus business for student housing
YOUNGSTOWN -- Youngstown State University trustees committee approved leasing university land to a Columbus company for development of student housing.
The Finance and Facilities Committee approved the resolution this afternoon for the lease with Hallmark Campus Communities with Delores Crawford, James Greene, David Deibel and Bryce Miner in favor, Carole Weimer and Ted Roberts opposed, and Harry Meshel and Leonard Schiavone abstaining.
The full YSU board approved it afterward Wednesday.
The proposal is for a $7.8 million, 162-bed, four-story student apartment-style complex financed by the developer. The 40-year ground lease is for 3.4 acres on Fifth Avenue.
Because YSU is a public institution, the lease also must be approved by the state.
The building is expected to open in fall 2016.
If that first phase is successful, the company plans additional phases with more student housing and other amenities.
Any subsequent phases though, would have to be approved by both YSU trustees and the state Department of Administrative Services.
For the complete story, read Thursday's Vindicator and Vindy.com