Friday, September 01, 2000

XU to build 273-unit apartments

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By Ben L. Kaufman
The Cincinnati Enquirer

        Xavier University is to get a virtually free $14 million apartment complex on Herald Avenue for juniors and seniors.

        The 273 apartments will be arranged in two-, three- and four-bedroom apartments and available in August 2001.

        Construction will be funded through 30-year tax-exempt bonds issued by the charitable, nonprofit Collegiate Housing Foundation.

        It was created by Capstone Development Corp. of Birmingham, Ala.

        XU leased the land — site of the former Rainbo Building — to the foundation, and the foundation hired Capstone as general contractor, XU spokeswoman Kelly Leon said.

This new apartment building will be available in August 2001 (Architect's rendering) | ZOOM |

        The apartments, in addition to providing generally needed housing, are to be financially self-sufficient and are to generate enough money to cover the bonds and operating expenses, and produce a rent payment to XU during the 30 years.

        At the end of the 30 years, title to the apartments goes to XU.

        Meanwhile, the project is exempt from property taxes because the owner is the nonprofit foundation.

        Were Capstone Development to borrow the money on the open market and the apartments subject to property taxes, student rents would be higher, said Alton Irwin, senior vice president for marketing at Capstone.

        The other option, of XU borrowing the money, would put the university in debt.

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