The commencement of University Place, PSU’s new educationalconference center, was this Monday, attracting PSU staff members toits location at 310 SW Lincoln Street for food, music and a tour ofrooms and facilities.
Previously called the Doubletree Hotel, this building waspurchased by PSU back in March for about $22.3 million, financedthrough 30-year revenue bonds.
University Place encompasses 8,000 square feet of conferencespace consisting of eight meeting rooms and a 3792 square footballroom, a restaurant and 235 guest rooms.
Its facilities are available to conference attendees, academicinstitutions, government agencies and PSU faculty, visitors andalumni. However, since it is funded through state-issued bonds, itis not currently marketed towards the general public.
General manager, Darrell Hames explains, “we believe that itwould be unfair to attempt to compete with privately owned hotelsin the area, since they basically loaned us the money to dothis.”
PSU’s initial interest in this site could be attributed to theenormous development potential that it has. The site couldpotentially carry about 800,000-1 million square feet of space. InMarch, PSU associate vice-president of finance and administrationCathy Dyck told the Vanguard that PSU wanted the land for the 4.2acres of space, which could eventually be developed into amultiple-use academic structure as financing becomes available.
As PSU begins to gain revenue from University Place they willbegin to add on to the existing building.