West Virginia University has submitted a letter to the W.Va. Legislature regarding the purchase of 39 separate land parcels in the Sunnyside area of Morgantown for approximately $14.5 million.
WVU plans to buy real estate located in or near the 13 block of Beechurst Addition from Paradigm Development Group, LLC and RCL Holding, LLC., according to a letter from WVU submitted to the West Virginia Legislature's Joint Committee on Government and Finance.
WVU cites that the property purchase would help support the university's 2020 Plan to provide safe and affordable housing. The university also said the property is "uniquely positioned to meet critical current and future needs of WVU". The cost of the deal is $14,576,602.92.
WVU announced at the October Board of Governors meeting that the 2020 Plan will add 1,555 beds to university housing, which will include apartment and family-style living accommodations. The BOG also approved a $5.34 million purchase that includes four acres of land formerly known as "the Square at Falling Run", in addition to 21 acres along Falling Run Road, the rental properties on that land, three additional lots and an unoccupied apartment building on Outlook Street.
A WVU official said the university is not prepared to release any information related to the Beechurst Addition property deal at this time.
The closing will take place on or after October 25, 2012, according to the letter. Upon closing, WVU and Paradigm Development will enter into a lease and development agreement relating to the development, construction, financing and management of the housing project. The deal is contingent on approval from the WVU Board of Governors, approval by the West Virginia Attorney General and approval by the Joint Committee on Government and Finance.
WVU has scheduled a special Board of Governors Meeting for Tuesday, Oct. 23 to approve the property purchase, according to the agenda listed on the BOG web site.
To view the letter, click the link titled 'WVU Letter', located to the right of this story.