— Four months after the University of Iowa reported “a search for a buyer is in progress” for its 55-year-old Mayflower Residence Hall, the institution officially has listed the 326,000-square-foot property for $45 million.
Estimating monthly payments at $306,181, the eight-story building includes 523 rooms “built and furnished to house 1,015 residents as a dormitory, with one to four residents per unit,” according to the listing posted Wednesday on Zillow.com.
The university doesn’t plan to vacate the property until next summer — with plans to still house students there through the upcoming academic year beginning in August.
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“It will be delivered to the buyer vacant in the summer of 2024,” according to the listing, noting, “There are both management and maintenance facilities making property management self-contained.”
The Mayflower sale is part of the university’s “housing master plan,” which includes building a new 250- to 400-bed residence hall specifically for returning students — as opposed to freshmen, who account for most of the 6,000-plus students UI houses on its campus annually.
Although UI officials haven’t shared a specific timeline for the new residence hall, they predict it will cost $40 to $60 million and will be paid for with proceeds from the Mayflower sale and more borrowing.
At a similar size to the university’s existing Stanley Hall, capable of housing 354 students, or Daum, which can house 344 students, the new returning-student hall also is planned for UI-owned land within the “east side residence hall neigborbood” — near dining services and undergraduate classes.
By ridding itself of the Mayflower property, which UI bought outright in 1982, the campus will shed deferred maintenance costs associated with the building — which are part of the UI’s current $1.2 billion backlog in building renewal needs.
Although its closure after the next school year will cut capacity for current students, UI plans to continue using its Parklawn Residence Hall until the new dorm debuts.
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In making its case before the Board of Regents to sell Mayflower, UI officials noted it’s more than a mile from the main campus and amenities — including food service and classes. It also is the “last chosen” and “first transferred from” residence hall by first-year students, given its location.
This week’s Zillow listing, which as of Thursday had nearly 3,000 views and 210 “saves,” notes the building includes first-floor amenities like a convenience store, lounges, classrooms, meeting space, and a gym. It sits on 4.1 acres along a recently-raised Dubuque Street, given its flood woes in the past.
The site looks out over the Iowa River and Terrell Mill Park and has a rich history — having been built in 1968 in place of what started in 1851 as the Walter Terrell Masion, housing the entrepreneur who built a dam and grain mill along the Iowa River.
In the 1930s or 1940s, the mansion became the Mayflower Inn, featuring the Mayflower nightclub. After it was demolished and replaced with apartments, the university in 1979 began leasing portions of the building to help ease its overcrowding.
In 1999, now as owner, the university spent $1.5 million to renovate Mayflower — giving it a game room, coffee shop, and multipurpose room.
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Estimating monthly payments at $306,181, the eight-story building includes 523 rooms “built and furnished to house 1,015 residents as a dormitory, with one to four residents per unit,” according to the listing posted Wednesday on Zillow.com.
The university doesn’t plan to vacate the property until next summer — with plans to still house students there through the upcoming academic year beginning in August.
Advertisement
“It will be delivered to the buyer vacant in the summer of 2024,” according to the listing, noting, “There are both management and maintenance facilities making property management self-contained.”
The Mayflower sale is part of the university’s “housing master plan,” which includes building a new 250- to 400-bed residence hall specifically for returning students — as opposed to freshmen, who account for most of the 6,000-plus students UI houses on its campus annually.
Although UI officials haven’t shared a specific timeline for the new residence hall, they predict it will cost $40 to $60 million and will be paid for with proceeds from the Mayflower sale and more borrowing.
At a similar size to the university’s existing Stanley Hall, capable of housing 354 students, or Daum, which can house 344 students, the new returning-student hall also is planned for UI-owned land within the “east side residence hall neigborbood” — near dining services and undergraduate classes.
By ridding itself of the Mayflower property, which UI bought outright in 1982, the campus will shed deferred maintenance costs associated with the building — which are part of the UI’s current $1.2 billion backlog in building renewal needs.
Although its closure after the next school year will cut capacity for current students, UI plans to continue using its Parklawn Residence Hall until the new dorm debuts.
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In making its case before the Board of Regents to sell Mayflower, UI officials noted it’s more than a mile from the main campus and amenities — including food service and classes. It also is the “last chosen” and “first transferred from” residence hall by first-year students, given its location.
This week’s Zillow listing, which as of Thursday had nearly 3,000 views and 210 “saves,” notes the building includes first-floor amenities like a convenience store, lounges, classrooms, meeting space, and a gym. It sits on 4.1 acres along a recently-raised Dubuque Street, given its flood woes in the past.
The site looks out over the Iowa River and Terrell Mill Park and has a rich history — having been built in 1968 in place of what started in 1851 as the Walter Terrell Masion, housing the entrepreneur who built a dam and grain mill along the Iowa River.
In the 1930s or 1940s, the mansion became the Mayflower Inn, featuring the Mayflower nightclub. After it was demolished and replaced with apartments, the university in 1979 began leasing portions of the building to help ease its overcrowding.
In 1999, now as owner, the university spent $1.5 million to renovate Mayflower — giving it a game room, coffee shop, and multipurpose room.
University of Iowa lists its Mayflower Residence Hall for $45M
Four months after the University of Iowa reported “a search for a buyer is in progress” for its 55-year-old Mayflower Residence Hall, the institution officially has listed the 326,000-square-foot property for $45 million.
www.thegazette.com
