MSU board approves $8M purchase of The Monroe

During its Oct. 26 meeting, the Missouri State University Board of Governors approved the purchase of The Monroe, an on-campus privately owned apartment-style complex at 1141 E. Monroe St.

The sale is expected to close by Dec. 31 for $8 million, according to a news release.

Current owner United Campus Housing LLC opened the 53,437-square-foot residence with 122 beds in 42 apartment units on July 29, 2011. The Monroe will increase MSU's on-campus housing capacity to 4,036 from 3,914.

“This is a significant, strategic purchase for us for two reasons,” MSU President Clif Smart said in the release. “First, the purchase of The Monroe eliminates a private piece of property within the campus boundaries. This has been a long-time objective of both our board of governors and the administration.   

“Second, it addresses our students’ desire to have apartment-style living options on campus," Smart added. "We have made a commitment to refresh our housing inventory to provide more apartment-style housing. This purchase takes a significant step in that direction.”  

Officials said the property - a development of Miller O'Reilly Co. Inc. in partnership with United Ministries and campus minister Howard Cavner - would undergo rebranding and cosmetic changes after the sale closes in December. The terms of leases already signed would be honored through July 31, and leases after that date would be subject to university residence life policies. Ken McClure, MSU vice president for administrative and information services, said the school is in negotions with United Ministries, which holds space in The Monroe.

“Both United Campus Housing and Missouri State understand there will be a transition period, so we will accommodate the residents living there," said Earle Doman, MSU vice president for student affairs, in the release. “Arrangements have been made, for example, to relocate non-Missouri State residents to other facilities off-campus.”

Bronze Bear
The MSU Board of Governors voted Friday to award the annual Bronze Bear award to the Journagan family, who have supported the university for more than 20 years.

Leo and Jean Journagan and their two children, Allen and Jill, own and operate Leo Journagan Construction Co. In 2010, the family donated a 3,000-acre Douglas County ranch, including roughly 1,000 head of cattle, equipment and other ranch facilities, to the university's William H. Darr School of Agriculture. The donation was valued at more than $7 million, according to a separate release.

The award, modeled after the 14-foot bronze bear statue in front of MSU's Plaster Student Union, will be presented during the Dec. 14 commencement ceremony at JQH Arena.

New officers
During its Oct. 26 meeting, the MSU board elected new officers for terms beginning Jan. 1.

Orvin Kimbrough, executive vice president for United Way of Greater St. Louis, was named chairman of the board.

Beverly Miller, volunteer executive director of the Lebanon office of the American Red Cross, was selected as vice chairwoman; Steve Foucart, MSU interim chief financial officer, was chosen as treasurer; and John McAlear, MSU staff emeritus, was elected secretary, according to a separate release.[[In-content Ad]]