The Shorthorn - Delta Upsilon house construction awaits proper funding

HOME

NEWS

News

Delta Upsilon house construction awaits proper funding

Written by Joan Khalaf, The Shorthorn senior staff

Wednesday, 03 February 2010 08:44 PM

The site for the upcoming Delta Upsilon fraternity house on Greek Row and Davis drives. Construction of the new house has been put on hold due to difficulty gaining the funds from banks. (The Shorthorn: Michael Minasi)

Two years ago, the Delta Upsilon fraternity hoped for a new house on Greek Row Drive. Instead, an old, smudged sign reading “Coming 2009” currently stands alone in the lot.

The fraternity is having trouble finding lenders for the house because of the economy, said chapter alumni adviser Carl Esposito.

The fraternity sold their Abram Street house — one of the oldest homes in Arlington — for around $200,000. That money is reserved to build a new house, which will cost approximately $500,000.

A few months later, a groundbreaking ceremony was held in April 2008 on the reserved land at the corner of Greek Row and Davis drives.

Since the groundbreaking, the fraternity increased its membership from 19 to 25, pending the end of this week, since Rush brings more members.

UTA owns ground rights to the property, next to the Phi Gamma Delta fraternity house, and the chapter would own the house.

University spokeswoman Kristin Sullivan said the university wants to help the fraternity if possible.

There are deadlines on ground leases, but the period can be extended.

The new two-story structure will house about 12 members and include a wraparound porch. The housing corporation, a 10-member board comprised of chapter alumni, and the university have tried working with about 20 local and national banks to get loans, but every deal has fallen through since.

“Current members want a house,” said corporation president Scott Reading. “They deserve a house.”

Fraternity president Nick Valdiri said having a house is useful but not necessary.

“We’ve still been able to keep up with everyone else as far as recruitment and grades go,” the accounting junior said. “Having a house isn’t everything.”

The fraternity simply had bad timing in trying to build a home, Reading said.

Esposito said the house is going to happen eventually — hopefully when the market improves.

“The economy isn’t going to be this way forever,” he said. “As things improve, we’ll be in a position to move forward.”

For now, the corporation is attempting to pursue private donations and is looking into lending from the fraternity’s national headquarters.

“At the time, we thought we’d be able to get money pretty quickly,” Reading said. “We have more than enough equity to put down for the lender.”

Esposito said that no other Greek organization has approached the university about leasing the land.

Former fraternity president Agapito Flores said he’s just waiting for the best.

“It’s out of our hands,” the history senior said.

Valdiri said the lack of funds limits the organization.

“That should be expected in this economy,” he said. “It’s a challenge to overcome it, but it makes us better.”
Views: 441 | E-mail

Be first to comment this article

Only registered users can write comments.
Please login or register.

Last Updated ( Wednesday, 03 February 2010 08:44 PM )

< Prev		Next >

[ Back ]

Social Media

Related Items