I didn’t see this until today since I haven’t been reading local news sources lately, but the Westmoreland sale has been approved by the OUS board and will move forward:
Student residents will not have to move out; O’Connell has said he will continue to market the complex to students and plans to keep rents below market level. He also plans to put $1 million into improving the property.
The vote came after UO President Dave Frohnmayer told the board the university will increase the compensation it will pay to current and former Westmoreland residents. Students who left after the plan to sell the 404-unit complex was announced in October or who leave before the deal closes will receive $300 to help cover moving expenses, up from the $150 previously offered.
That’s on top of the two-year rent freeze for students who stay at Westmoreland under the new owner, waiver of application fees to move back into the complex and assistance with child care costs for former Westmoreland residents.
The UO appears to have compensated the students affected abotu as well as anyone could hope for. Personally, I hope they build a Winco on the property after the two years are up.