The state Board of Regents approved the UI’s plan to lease the Centerstone Apartment building during a telephonic meeting today.

The lease, which is needed to rectify issues of high enrollment and insufficient housing space, is scheduled to run from Aug. 4, 2011, to July 28, 2013, with an option for a third year. The building, located at 121/131 E. Davenport St., has 22 five-bedroom units, one four-bedroom unit, and two one-bedroom units.

The base rate for the lease will be $760,560, and it would be paid for through University Housing and Dining Operating Funds.

The UI also received approval for an easement allowing the construction of an above-grade canopy and a below-grade tunnel, which will connect UIHC clinics being built on the Iowa River Landing with a parking garage to be owned by the city of Coralville.

— by Sam Lane