Citizens For A Better Norwood

Tuesday, December 16, 2008

Enquirer: Xavier Square project delayed

The Enquirer is reporting that Xavier University will delay construction of the Xavier Square project on Montgomery Road until the economy improves. However, the university sold $55.8 million in bonds earlier this month to complete financing on its $88 million Hoff Academic Quad which should be complete by fall 2010.

Xavier official Beth Amyot told the Enquirer in an interview, “Given the uncertainty in the economy, we didn’t want to take on any additional financial obligations right now. A lot of universities are holding back on all construction. We’re saying that this (Hoff Quad) is important to Xavier’s future. We can afford it and we’re doing it.”

According to the article, delaying the Xavier Square project "means the university will need several hundred new residential rooms within the next several years to house what it hopes will be more students on campus. It enrolled about 860 freshmen this year and hopes to increase that to 940 next fall.

The moves come as the economy has made a rare dent in privately-run Xavier. The school already has frozen most hiring and is looking to cut $3.5 million from next year’s budget. Since it does not receive state support and depends on student tuition, getting more students on campus is critical to its financial health.”