The new residence hall would have been located on Ridge Road between SASB North and Ram’s Head Deck, said Rick Bradley, associate director of Housing and Residential Education.
The cancellation of the construction plans for the building, which was set to open in 2017, came as a result of a major spike in the project’s cost, said Sam Pranikoff, a student adviser for the project.
“I think it was the fact that we expected more money than we actually had, and going through the planning process I can tell you that we made every conscious effort to cut costs,” he said.
Bradley said the cost of the construction nearly doubled since its proposal about two years ago.
“It escalated from the start of the project, (which) was $21.3 million, then by the time we pulled the plug, it was $37.4 million.”
The cost of rent from students who would have lived in the building would not have been enough to subsidize the rising construction costs, Bradley said.
“Rarely when we build a building does the student rent cover the cost of the building. In this case, of the $37 million that the project escalated to, we would have had to have $18 million of that from debt,” he said.
Pranikoff said it’s highly possible that an outside donor could choose to fund the rest of the project in the future with the promise that the currently unnamed building would be named after that person.