IUPUI plans to build $45 million residence hall

IUPUI hopes to build a $45 million residence hall for 700 students on the campus in time for the 2016-17 academic year, the university announced Friday afternoon.

An exact site has not been chosen for the building, but the university said a location close to University Tower at 900 W. Michigan St. is being explored.

University officials say the residence hall is needed to address an 800-student waiting list for campus housing.

Fewer than 2,000 of IUPUI’s roughly 30,500 students reside on campus, but that number has been growing in recent years.

University Tower, formerly known as University Place Hotel, was converted into a 560-student residence hall that opened a year ago, but the housing waiting list has quadrupled over the past two years, university officials said.

“Each year we continue to attract highly qualified, first-time full-time students, and we are seeing a significant increase in the number of students who desire an on-campus living experience in Indianapolis’ downtown,” IUPUI Chancellor Charles R. Bantz said in a prepared statement. “By creating a vibrant living and learning facility in the heart of campus yet near opportunities for internships, we will enhance student learning, promote student development and success, and support IUPUI’s educational mission and goals.”

IUPUI said a consultant retained more than a year ago to conduct a marketing-and-demand analysis for general campus needs determined the need for additional housing.

The IU Board of Trustees has approved a request to proceed with the design and construction. The project still requires approval from the Indiana Commission for Higher Education and the State Budget Committee.

The estimated cost of $45.2 million will be funded through revenue bonds repaid with $41.7 million in IUPUI Housing Operating Funds and $3.5 million in Campus Funds designated for the project.

Estimated completion for the project is 2016.