Columbia, SC (WLTX) -- The University of South Carolina Board of Trustees has approved the terms of a lease agreement on a new housing and academic project on the western part of the campus near the Colonial Life Arena.
The West Campus Development Project is part of the university's Innovista Master Plan.
The lease agreement is with Holder Properties, which will pay to build, own and operate the buildings. The university will then lease the land to Holder Properties for 40 years. After that time, USC will own the buildings.
According to paperwork provided at the Trustees meeting, the first phase will involve housing that will include 582 beds and 437 parking spaces. The dorms will be bordered Blossom, Lincoln, Devine and Park streets. Construction costs are estimated at $61.35 million. Holder Properties will pay USC $277,860 a year in rent, plus percentages of revenue from the facility. The goal is to have the housing ready by the fall of 2015.
A similar deal is made for a second housing facility that is expected to cost $33.2 million to build. It will have 296 beds and 252 parking spaces. The building will be bordered by Greene, Lincoln, Devine and Park streets. The contract for it calls for Holder Properties to give USC $175,560 per year, as well as percentages of revenue. USC aims to have these dorms completed by July 31, 2016.
The contract also includes a commercial office building with 110,000-130,000 square feet of space. Construction costs are estimated at $25 million. USC will receive $72,600 per year in rent from Holder Properties. USC will also rent 40,000 square feet of space in that building from Holder.
The terms of the agreements still need several approvals by USC, the City of Columbia, the Commission on Higher Education, and the SC Budget and Control Board.