March 17, 2002

Contact: Bob Bruce, 503-725-5714

PSU to acquire Ione Plaza

PORTLAND - The State Board of Higher Education Friday (May 17, 2002) approved a Portland State University plan to acquire the Ione Plaza housing and retail complex and add it to the PSU campus.

Pending legislative approval, final appraisals and an inspection of current records and lease arrangements, PSU hopes to acquire the 181,000 square foot complex at 1717 S.W. Park Ave., Portland, for future housing use by students and faculty. The l5-story facility contains 305 apartments, plus underground parking and street level retail spaces.

PSU will pay $22 million for the complex and hopes to do some renovation and deferred maintenance by issuing $25 million in self-liquidating bonds.

Oregon's only urban campus has critical need for additional housing. It currently has only 919 apartment units for a student body of more than 21,000 students.

In other actions Friday, the Board also:

Approved a two-year extension of a plan that allows faculty and staff within the Oregon University System to transfer to limited reduce rate enrollment privileges to other family members, and

Named Oregon State University's proposed new engineering building for Portland donor Martin Kelley. Earlier this week, OSU announced that Kelley has pledged a $22 million private gift for construction.

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