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Ground to be broken for YSU student apartments
By Denise Dick
YOUNGSTOWN
Ground will be broken today for a privately-owned 162-bed student apartment complex on Youngstown State University-owned land along Rayen Avenue.
The $7.8 million, four-story building is being developed by Hallmark Campus Communities of Columbus. YSU trustees earlier this year authorized the company to develop the complex.
Groundbreaking is set for 11 a.m. at the building site. It’s expected to open in fall 2016.
“I think it’s definitely positive,” said Carole Weimer, YSU trustees chairwoman. “More housing on campus means more residential students. We’re recruiting more students from a broader geographic region than we have in the past.”
That means more students who need housing, she said.
Having a private company develop student housing on university properties is a normal growth pattern across the state, the chairwoman said.
“It will give us a presence on one end of campus where we don’t have any, and hopefully, it will lead into some other development,” she said.
The lease allows development of additional buildings on the same and an adjoining piece of property. Those plans include another student apartment complex and amenities geared to students such as convenient stores and restaurants.
Those phases, however, would have to be approved by trustees, officials have said.
The 40-year lease for the first building, approved this month by Hallmark and the Ohio Department of Administrative Services, calls for the company to pay $1 this year and $27,500 annually for years two through 40.
The lease had to be approved by the state agency because YSU is a state university.
The lease may be renewed for four 40-year terms. The annual rent increases from $48,500 for the first renewal to $74,700 for the fourth renewal term.
If the company erects two buildings on the land, the annual rent is $51,010 for the first 40-year term and increases for renewal terms.
The rent increases if the company builds two structures on the adjoining option land or constructs three buildings.
The subsequent phases could call for the demolition of Smith Hall. YSU President Jim Tressel said that’s not an inevitability though.
Smith houses parking services, janitorial offices and the YSU NewsOutlet.
Martin Abraham, provost and vice president for academic affairs, said the outlet would likely move into Bliss Hall if Smith is demolished.
John Hyden, executive director of facilities, said janitorial might move into the Salata Complex but nothing has been finalized.
“This is all fluid,” Tressel said.