NORMAN, Okla. (KFOR) – The University of Oklahoma Board of Regents approved the biggest addition to freshman housing at the university since the mid-1960s on Thursday.
The Cross Village complex will become the next major addition to OU Housing’s suite of on-campus living facilities.
It will be available to incoming freshman students this August, according to a University of Oklahoma news release.
Cross Village will include 1,200 premium fully furnished, single-bed units with a range of amenities.
“Cross Village provides a truly state-of-the-art campus living community for our students with premium accommodations, and we are thrilled that this unique offering will be immediately available for our incoming first-year students starting this fall semester,” said OU President Joseph Harroz Jr. “This exciting expansion of our on-campus housing speaks to our commitment to prioritizing the student experience, and the inclusion of Cross Village creates a first-class, welcoming option for our students to call home.”
The board also approved the land lease that enables the property to be acquired, which the Chickasaw Nation and its wholly owned subsidiary, Sovereign Properties Holdco, LLC, helped expedite. Sovereign Properties will provide short-term financing for OU while it prepares to issue new bond indentures for the complex.
“Sovereign Properties Holdco will acquire the land lease currently held by Provident and lease it back to OU until the university secures its own financing. The Regents’ approval of the agreement will also formally dismiss pending litigation related to Cross,” the news release states.
The university’s initial Freshman Housing Master Plan anticipated the Adams Tower replacement to be completed in 2025, but acquiring Cross Village accelerates the timeline, allowing OU to proceed this summer with plans to implement the Freshman Housing Master Plan.
“The Cross Village acquisition marks a milestone in our efforts to enhance on-campus living for our students – a development that has been significantly jumpstarted through the support of the Chickasaw Nation,” Harroz said.
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