Expansion of South Campus Gateway
The Dispatch wrote Despite lackluster results, Campus Partners gets a hefty allowance to buy more land
Friday, February 1, 2008
By Debbie Gebolys
“The $50 million is for a second construction phase that would also include shops or offices, a parking garage and apartments targeted to graduate students, faculty and staff members. Shkurti said the money is for land and property acquisitions and related activities; officials would say only that it will be in the vicinity of Gateway.”
Campus Partners’ South Campus Gateway project hasn’t made the money consultants originally predicted.
“They aren’t being fantastically successful,” said William Shkurti, OSU senior vice president for business and finance.
Campus Partners, the university’s nonprofit development arm, lost more than $400,000 in operating cash last year, according to a state audit.
When long-term debt is included, the financial picture looks even worse. Including $2.3 million in demolition costs for dilapidated properties and various other deferred loan payments, liabilities exceed assets by nearly $9 million, according to the audit.