Mississippi State signs deal for $67M private dorm complex
JACKSON, Miss. (AP) — A private company is approved to begin building a $67 million development of student apartments and stores at Mississippi State University.
The College Board approved plans Thursday in what university President Mark Keenum calls the first development of its kind in Mississippi.
The university is leasing 34 acres (14 hectares) where Aiken Village apartments formerly stood to EdR for 40 years.
The Memphis, Tennessee, company, previously called Education Realty Trust, will build a five-story complex of apartments with ground-floor stores. Also included is a child care center.
The first phase calls for 656 beds and 46,000 square feet (4,300 sq. meters) of stores.
Residents will follow university housing rules and Mississippi State gets approval of stores.
Education Realty Trust will pay Mississippi State an escalating rate beginning at $325,000 yearly.