UGA has presented a plan to five fraternities-Tau Epsilon Phi, Kappa Alpha, Phi Delta Theta, Pi Kappa Alpha and Chi Phi-that would relocate them from South Lumpkin Street to River Road.
The UGA master plan calls for developing the land where the fraternities are now for academic use beginning in 2008. Plans for the northwest precinct include the Richard B. Russell Special Collections Library and new facilities for the Terry College of Business, the College of Family and Consumer Sciences, the Graduate School and international studies.
If the fraternities accept the latest plan from UGA officials, construction of the new houses could begin by April. If they decline, the fraternities must move off campus by June 2008.
Under the plan, UGA will finance and guarantee the loans for the new buildings through the UGA Real Estate Foundation. UGA would offer an upfront contribution of $15,000 per bed, and the fraternities’ up-front contribution would be 15 percent of their individual project cost. Over time, the fraternities’ rent and fees would cover all the project’s construction and operating costs.
A house with 10 residents would cost around $2.2 million to build, and a house for 20 residents would cost around $3.4 million.