Indiana State University’s board of trustees on Friday approved a 30-year lease with Thompson Thrift Development for a planned complex in the 500 block of Wabash Avenue.
The facility will include 228 beds on the upper three floors with retail space on the first floor.
The university will lease the residential portion of the facility.
Even at this point it’s still not a “done deal” as The Indiana Commission for Higher Education and the State Budget Committee still have to give their approval.
Construction is expected to start by this fall with completion projected by fall 2015.
Trustees also decided to charge students 2.9 percent more for housing next school year.
Finally board members approved a new policy allowing all honorably discharged military veterans, their spouses and dependents to attend Indiana State at in-state tuition rates.