LBW to build housing for 24Published 12:07am Friday, September 28, 2012
The Lurleen B. Wallace Community College Foundation recently made a historic investment with the purchase of a three-acre parcel of land adjacent to the community college in Andalusia to construct student housing.
“The timing was perfect for the Foundation with the maturing of three federal grants and the release of those funds by the U.S. Department of Education,” said Foundation President Jennifer Curry.
The land was purchased from John and Evelyn Anderson of Destin, Fla., longtime supporters of LBWCC and the Foundation, and is located off the Martin Luther King Jr. Expressway, and stretches back behind the tennis courts at LBWCC, she said.
“We are so grateful to the Andersons for their generosity in the purchase price,” Curry said. “Our board is also to be commended for their support of this type of investment, which is a first for our Foundation.”
Another first is the decision to develop student housing, pending funding from the U.S. Department of Agriculture, she said.
“We have applied for funding with the USDA and anticipate a decision any day,” Curry said. “The Board approved the planning phase for the development of apartments that will accommodate 96 students in 24 four-bedroom apartments.”
The Foundation hired developer Kent Campbell, owner of Cubed, LLC of Birmingham, for the planning phase of the apartments.
If approved for the funding, the foundation plans to break ground next January, with units to be available for the fall semester of 2013.
“The foundation board is excited about this new type of investment in property,” Curry said. “If we are successful in gaining funding for the student housing, it will prove to be an additional way of investing in the success of LBWCC students.”
Future profits from apartment rentals will result in additional funds for student scholarships, she added.
LBWCC President Dr. Herb Riedel said he is proud of the efforts of the foundation to create new services for students that will allow for growth of college programs, while representing a sound financial investment of Foundation assets.
“In the past, the Foundation invested its assets exclusively in stocks and bonds, although income-producing real estate is allowed by its by-laws,” he said. “In this case, the investment not only promises good returns, which will fund additional student scholarships every year, but it also advances the college’s strategic goals.”
For more information, contact Curry at (334) 222-2561 or Campbell by emailing email@example.com.