Post by Logan on Jun 3, 2016 11:29:39 GMT -6
With $61 million purchase, UMass Lowell expanding East Campus
LOWELL -- UMass Lowell is planning to buy the Perkins Park residential building at the edge of its East Campus and convert it into student housing in time for the 2017-'18 school year.
The $61.5 million purchase, which was announced in letters to tenants on Friday, continues an expansion by the university in many directions, but particularly on the East Campus, where in recent years it has opened the University Suites and purchased the A.H. Notini & Sons distribution center, where it is planning athletic fields.
The Perkins complex will be used for honors program students, graduate students and faculty.
The university is buying the Lofts and Perkins Park, the Residences at Perkins Park, the Hoff Alumni Scholarship Center in an adjacent building, and a parking garage off Cabot Street that serves Perkins Park residents.
Perkins Park residents were told in a letter that UMass Lowell "does not expect" to renew leases as they expire but may allow tenants to remain as tenants-at-will, negotiated on a case-by-case basis. The university said it will also pay for moving and related expenses, or a lump-sum payment equal to one month's rent plus a fixed estimate of local moving costs.
Read more: www.lowellsun.com/breakingnews/ci_29974356/61-million-purchase-umass-lowell-expanding-east-campus
LOWELL -- UMass Lowell is planning to buy the Perkins Park residential building at the edge of its East Campus and convert it into student housing in time for the 2017-'18 school year.
The $61.5 million purchase, which was announced in letters to tenants on Friday, continues an expansion by the university in many directions, but particularly on the East Campus, where in recent years it has opened the University Suites and purchased the A.H. Notini & Sons distribution center, where it is planning athletic fields.
The Perkins complex will be used for honors program students, graduate students and faculty.
The university is buying the Lofts and Perkins Park, the Residences at Perkins Park, the Hoff Alumni Scholarship Center in an adjacent building, and a parking garage off Cabot Street that serves Perkins Park residents.
Perkins Park residents were told in a letter that UMass Lowell "does not expect" to renew leases as they expire but may allow tenants to remain as tenants-at-will, negotiated on a case-by-case basis. The university said it will also pay for moving and related expenses, or a lump-sum payment equal to one month's rent plus a fixed estimate of local moving costs.
Read more: www.lowellsun.com/breakingnews/ci_29974356/61-million-purchase-umass-lowell-expanding-east-campus