New House Updates
The Louisville Chapter continues to operate a chapter house on Greek Row. We have called this same house home since 1971. Our usage of the house changed dramatically effective December 31, 2005. Because our house is not equipped with sprinklers, the University will no longer allow people to live in the structure; however, we may continue to use it as the base of operations for the fraternity. The Alumni Board has been working on housing issues with the other Greek Organizations along Greek Row for several years, so this change was not a shock. The University is simply trying to make living conditions safer for all students. Triangle agrees and supports that effort. Fortunately, we have good news to share as well….After many years of having an annual lease, the University has offered the Greek Organizations long-term leases. Triangle signed its long term, 35 year lease in February 2006 so we now have a lease through 2040. In exchange for getting long-term use of the houses on Greek Row, the University of Louisville is requiring the Greek Organizations to make improvements to the houses, at their own expense. Improvements needed are based on the recommendations of a local architectural-engineering firm. Each group must also install sprinklers in their house before members are again allowed to reside in them. As we have reported in past issues of The Pyramid, Triangle will be required to gut and fully renovate the interior of the house. The improvements must include a sprinkler system, an approved fire alarm system, and ADA access, as required by law.Ultimately, Triangle would like to add more bedrooms to the house, install air conditioning, and increase the usable common space within the house. The added common space would allow the active chapter to have an office area, study space, meeting space (they currently meet in a classroom on campus), a more usable kitchen, and more bathroom facilities for guests and residents.The Alumni Board has had our lot surveyed and soil tests conducted. We have also been working with architect Alan Laughlin of Laughlin Millea Hillman Architecture, LLC. Mr. Laughlin has developed several concept drawings for us, but a final design will not be determined until after economic conditions improve.
Financing this project is the big hurdle in front of us. A fundraising plan is being developed to help us determine the feasibility of the project. We will need to use that plan to raise the funds needed for the down payment on the project and for debt service requirements during construction. It is still our plan to apply a fair portion of project's expected monthly rental revenue to pay the monthly debt service on a note payable once the new fraternity house opens. The current economic conditions and tightening of the credit markets have caused many for-profit and not-for-profit groups to scale down or cancel projects and capital campaigns. For this project to move forward, a successful fundraising campaign is crucial for us to secure the down payment needed and additional funds needed during construction.
We will keep you posted on our progress and will share the final design as soon as we have it!