Varsity House "Penthouse" Expansion Project
- UPDATE: Varsity House has approved the funds for the production of engineering plans for the project. This is to secure funding for the project, and to see if it is still worth pursuing as a house.
- Summary of the project: Please read though this detailed
description of the project. If you have
further questions, concerns, or encouragement feel free to fill out the contact form below.
- Our Vision
- The Plan
- Why Now?
- Cost
- Financing
- Expertise
- Project Manage
- Layout
- Legacy Room
- Main House Renovations
- Filling the House
- Our Vision - Varsity House has played a vital role in the college experience, spiritual walk, and development of hundreds of young men over the last 50 years. We believe it is a privilege to live in a Christian house and it is our vision to extend this privilege to as many young men as possible. This project is an opportunity for the current Varsity House members and alumni to band together and take bold steps of faith to insure that young, Christian men leave Oregon State University more passionate about God than when they came. Looking back on our legacy, the past members of Varsity House took decisive action to increase the resident capacity and place the house in a better financial position, and we want to build on this legacy.
- The Plan - Little House will be removed and a three-story structure will be constructed that will connect to Main House via the basement, main floor, and second floor. This expansion will add approximately 3000 sq. ft. and increase Varsity’s capacity up to10 members. It will also increase the income of Varsity House by more that $48,000 per year. Groundbreaking would be scheduled for the Spring and the project scheduled to be finished before the start of fall term.
- Why Now? – Firstly, the timing is ideal. We will have more members leaving for internships during spring term than normal, which allows us to move the residents out of Little House and into Main House during the expansion construction. This project will enable us to connect Little House to main house, leading to more unity among the members of Varsity. Secondly, the University is expanding at a rapid rate. Oregon State University increased enrollment by 4,000 students this year and Corvallis is currently facing a housing shortage. This increase gives Varsity House a unique opportunity to expand without having to worry about finding students fill the new rooms. Thirdly, interest rates are currently at a historic low, making borrowing a feasible option.
- We are fully seeking the option to move forward, but also keeping the option of delaying the project if funding, city issues, or feasibility prevent us from staying on schedule.
- Cost - The current project budget is $350,000. This amount will pay off the existing loan ($25,000), finance the expansion project, and allow for some renovations to Main House. The budget for next year will increase in both expenses and income. A loan can be supported by the increased rent income from the newly created space for more members. Utilities and food expenses are covered by a $25/mo. increase in rent. We are currently the lowest cost ($435/mo.) group housing in Corvallis, and have done this without a house bill raise in 5 years.
- Financing - We are currently negotiating with several banks for a line of credit loan at the lowest interest rate possible. Ideally, we would like to fully fund this project through alumni support and donations. We have applied for funding from Citizens Bank, Wells Fargo, US Bank and are looking into OSU Federal. The rates are between 5.5% and 7%. Fundraising through Alumni and parent support is very important to this project . We have already received our first donation!
- Expertise - We are aware that any project of this size needs outside help. We have received valuable input from alumni, parents, engineers, city officials, contractors, and financial advisors. For this project, we plan to contract with Valley Design Construction, a local company owned and operated by Heath Albers. Mr. Albers, a Varsity House alumni, has a history of quality workmanship, the experience and expertise to complete the project on time, and the ability to see it finished under budget.
- Project management - Garrett Loveall, a senior VH member and the current Financial Manager, has cleared his schedule to oversee this project and be the direct contact and liaison between Varsity and all other parties involved. He has studied in Industrial Engineering and has a Minor in Business and interned with Anderson Construction as a Project Engineer. The Executive Council at Varsity House has the final say on financial and large decisions.
- Layout - The expansion will consist of 5 living spaces, two sleeping porches, and two bathrooms. Also included in the basement is a new and larger chapel that will be used for Bible studies, private prayer, executive council meetings, and as a group study room.
- The main floor will be approximately 1100 sq. ft. bigger and include a TV, couches, and a ping-pong table. Most importantly, it will allow Varsity to better accommodate more people for our growing Thursday night worship service.
- Legacy Room - The expanded main floor will also include a legacy room where we will display Varsity House history, photo albums, awards, and trophies. The archway between the new structure and the old structure will be called the Legacy Archway. Here we will place a plaque with the name of each donor that helped make this expansion project possible.
- Main House Renovations - Repairs and replacements for main house will be scheduled as funding allows. These include: new chairs, new carpet in halls, painting, replacement of damaged molding, and some kitchen updates.
- Filling the House - With new spots, we will not be forced to turn down as many applicants as in previous years. That being said, it is out goal to fill these new spots with outstanding Christian young men. In an effort to advertize our unique and amazing living experience, we have connected with churches around Oregon in addition to mailing brochures and spreading the word on campus about our house. Our goal is 100 new applications, and we are on course to reach that goal.
