Miami University students have been placed in temporary housing due to delays in construction at the Lofts of Bella Place. Park Place Real Estate expects the apartments to be finished by Sept. 29.
Miami University students signed to rent in the Lofts of Bella Place on Church Street couldn't move in to their apartments before fall semester started.
Heather Kacachos, director of business operations at Park Place Real Estate, the company that manages the lofts, said the hope is to move students into the apartments by Sept. 29.
She said that rain, inspections and other issues delayed construction on the building, which was set to open before fall semester began.
In the meantime, the agency has found students rental housing at a discounted price. Kacachos also said Park Place will be paying for students to move from the temporary residence to the apartment building.
Money paid upfront for rent at the lofts will be credited to students in the spring on a pro-rated basis, according to Kacachos.
She said the housing market in Oxford makes it difficult for real estate agencies who have to choose between putting housing on the market or potentially losing a year of rent-all based around when a construction project is predicted to be finished.
"Honestly, the culture here at Miami-how people rent things a year in advance-puts (real estate agencies) in a situation," Kocachos said. "It's the nature of the beast."
According to Kacachos, when students first signed their leases to live in Bella Place, there was an addendum that mentioned that the lofts may not be finished on time.
That still leaves many residents disappointed with the construction delay.
"We were hoping they would be done on time, but unfortunately they won't be ready to move in to when school starts," said Matt Lasky, sophomore and future resident at the lofts.
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However, Lasky is satisfied with way Park Place has moved to place him in temporary housing.
"The real estate company has been very upfront and honest with us about the progress of the lofts and our situation," Lasky said. "They have helped us with every step of the way and it has been very smooth with no struggles."
Despite the setbacks, Oxford Economic Development Director Alan Kyger said the new development at The Lofts of Bella Place represents the next chapter for the city of Oxford.
"The Lofts of Bella Place start a rebirth of uptown Oxford," Kyger said.
According to Kyger, the first-floor businesses at the lofts have not yet been announced.
"It is an exciting and hectic time in Oxford," Kyger said.
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