When the University announced this October that it would seek to sell the Westmoreland Apartments, tenants were understandably upset. Selling the complex would displace many international students and nontraditional students with families.
Westmoreland residents and student government officials fighting the sale received a small ray of hope Monday when the deadline for bids passed without the University receiving any offers. This may mean that no one is interested, or it may mean that the property was overpriced. Yet tenants are still expected to move out in June or August when their leases expire, according to Vice President for Finance and Administration Francis Dyke.
The University has also switched to using a commercial real estate broker to market the property, and he isn’t required to uphold the original asking price of $18 million. Concerned students wisely point out that this may lead to the University settling for less money.
In an editorial shortly after the Westmoreland sale announcement, we stated that “effective long-term planning sometimes requires short-term sacrifice. But before people will sacrifice their homes, they need to see the long-term vision; they need to know what they give up will not be in vain” (“Benefits of apartment sale require clear outline,” ODE, Nov. 7).
Defending its position, the administration made clear that the financial gain from the sale of Westmoreland would be worth the housing displacement. At a property value of $15-18 million, money from the sale may help the University pay off millions of debt to the Oregon University system, purchase new land and later build new residence halls, Dyke announced in January.
If the University is forced to settle for a lower price, it may be even less worthwhile to displace already disgruntled Westmoreland residents. Should a bid on Westmoreland arise, the University must seriously evaluate whether the money offered is a substantial enough amount to offset the loss of what has historically been an important aspect of University Housing.