The owner of College View apartments on the corner of West Chimes Street and Nicholson Drive said residents may not have to move out in May, as some residents thought.
On Monday, The Reveille incorrectly reported that all 93 College View apartments will be torn down to make way for The Fieldhouse, a high-end complex for out-of-town tailgaters. But owner Doug Garland said on Tuesday that the deal has not been finalized.
Garland said Capstone Development Corporation, the project’s developer, put a down payment on the land, but has until early May to purchase the land.
Residents will be able to sign spring semester leases, and may or may not have to move out in May, depending on Capstone’s final purchase decision, Garland said.
Garland also said Capstone placed their Fieldhouse concept sign in front of his College View sign because they want to market the condos for pre-sale. He said Capstone paid an increased deposit to put up the sign.
Garland said he thinks Capstone’s final decision to purchase the land will be based on how many condos they pre-sell.
Representatives from Capstone did not return calls by press time.
In Monday’s article, many residents voiced concerns about having to move out because they like their apartment’s close proximity to campus and the friendly neighbors in the complex.
Many also said they are worried they will not be able to find housing as inexpensive as College View and as close to campus.
But Garland said he thinks students will be able to find new places to live.
And although Garland said he had not intended to sell the buildings before Capstone approached him, he said now is a good time to sell because tax rates are low.
He also said insurance premiums are rising and it is difficult for him to get good rates on the old buildings. He and his father have owned the buildings since 1979.