FARGO (KFGO) - The NDSU Foundation and Alumni Association has selected a developer for a major student housing and retail complex which will be built in the 1600 block of North University Drive, directly east of th NDSU campus.
Proffutt Limited Partnership beat out two other companies for the project which will be built on property purchased over the past 30 years. John Glover, President and C-E-O of the Foundation and Alumni Association says the Foundation owns 26 of the 27 lots on the block.
Glover said, "real estate is an important part of a university that's growing and this organization has had a strategy to recognize that at some point in time, NDSU's needs are going to go beyond it's existing footprint and how could we help."
The $23 million, four story project will feature 103 two and four bedroom apartments and includes more than 6,000 square feet of retail space, with above and below ground parking. Construction could start this spring with occupancy by July of 2018. NDSU has no financial interest in the project. The developer will design, build, finance, and maintain the complex and the Foundation will receive lease payments from Proffutt Limited Partnership.