Saints Hall student housing
The Lurleen B. Wallace Community College Foundation received official notification from the U.S. Department of Agriculture of a $2,860,000 federal loan to build housing for 96 students adjacent to the College in Andalusia.
“We now have the availability of funds at a low rate of interest and can move forward on our plan to build two three-story apartment buildings for students attending LBWCC,” said Jennifer Curry, immediate past president of the LBWCC Foundation and foundation representative for the project. The loan terms are for 30 years at 3.125 percent.
The Foundation plans ground-breaking in February and units to be available for the fall semester of 2013. The apartments will be located behind the tennis courts of LBWCC in Andalusia on a three-acre tract of land that stretches to the MLK Jr. Expressway.
“The USDA loan makes it possible for the Foundation to make this new type of investment in student success. These apartments will bring more of a true collegiate experience for students. They will be able to walk to classes, participate in campus activities, and enjoy the atmosphere of college life,” said Curry.
Future revenue of apartment rentals will also help grow scholarship funds, thus providing even more students educational opportunities, she said.
LBWCC President Dr. Herb Riedel said he is proud of the efforts of the Foundation to create new services for students that will allow for growth of College programs, while representing a sound financial investment of Foundation assets.
"In the past, the Foundation invested its assets exclusively in stocks and bonds, although income producing real estate is allowed by its by-laws,” he said. “In this case, the investment not only promises good returns, which will fund additional student scholarships every year, but it also advances the College's strategic goals."
Kent Campbell, owner of Cubed, LLC, based in Birmingham, is the project developer and will oversee the construction process.
“We are seeking the best value and the highest level of service for the Foundation and the College, and we are encouraging the general contractor to use local subcontractors wherever possible,” said Campbell. “Our goal throughout the process will be well-built student housing delivered on time and within budget.”
For more information, contact Curry at (334) 222-2561 or Campbell at (205) 532-6412 or by emailing email@example.com.