Friday, November 14, 2008
Dorm Development: Wasted funds
Holy Cross is planning a major development of a dorm to house 156 students that was recently approved for construction. This dorm will cost $20.4 million to create space for 156 students. Doing simple math, that works out to $130,769 per student. Housing two students in each unit, therefore, works out to $261,538 each. They are obviously not being very responsible or sensible with the funds. In fact, the houses on Caro street are valued at about that $250k price each, and certainly each house could house more than two students at a time. $20.4 million would get you 81 properties at 250k each, about enough to buy the entire neighborhood.