Even after Ohio University opened a renovated Shively Court and officials make plans to revamp residence halls on South Green, one campus building remains ignored.
The Oasis has been sitting empty at 70 University Terrace since November 2006. While open, it offered students an alternative to the dining halls, said Gwyn Scott, executive director of Culinary and Dining Operations, but the university hasn't had the funds to renovate and reopen the building.
The whole thing is in limbo
said Howard Lipman, president and CEO of the OU Foundation, which owns The Oasis.
We've been trying to figure out what to do with it for a while Lipman said. It's been a tough economic environment so it's hard to ask people to invest in it.
In the past three years, university endowments across the country have been hard hit by the economic slump.
According to a January study by the National Association of College and University Business Officers and Commonfund, university endowments lost an average of 18.7 percent during the last fiscal year. OU fared similarly, losing about 18.8 percent in 2009 - from about $312 million to about $253 million.
Because of the economy, Lipman said the university - and the foundation - doesn't have the money to invest in The Oasis. The foundation also has a limited number of employees, he added.
The Oasis was not financially successful while open, despite its popularity, Scott said.
A 2006 Auxiliary Services assessment found The Oasis on average made less money than it spent. In its four years under Dining Services, the operation lost $200,434.
The 106-year-old wood-frame building has 2.5 stories and about 4,500 usable square feet, according to the assessment. The small third floor and partially unfinished basement were not considered usable at the time.
The assessment committee brainstormed ideas for the space, the most popular being a combination fair trade grocery store and a headquarters for Go Mobile, the university's laptop program.
The business plan for the store called for an estimated $1,154,000 - $154,000 for new appliances and computer accessories, and $1 million in renovations.
OU has not reassessed the property since 2006.
But once the new Baker University Center opened, just six weeks after The Oasis had closed, the need for another venue at the end of the block did not make sense
Scott said. With the options Baker offered - West 82, Latitude 39 and The Front Room, as well as the Technology Depot - she said she didn't believe The Oasis would be successful.
With Alden Library's Café BiblioTech and Shively Court also in close proximity, Scott said she doesn't think reviving The Oasis as a food destination is a viable option.
A local family, the Farleys, owned The Oasis and ran it as a restaurant before OU purchased it, said Margaret Sheskey, assistant vice president for administration in the division of University Advancement.
When the family decided to sell, the foundation purchased it for $592,250, according to the Athens County Auditor's Web site.
After that, Dining Services ran the building, Scott said. The Oasis offered grilled food, beverages and snacks, and students could use cash, credit, Bobcat Cash and meal equivalents.
When the property closed, Lipman said the foundation sent requests to companies that might be interested in it.
I don't think there was a resounding response
he said. In their review of it
they didn't feel the revenue model was successful enough for them. To appreciate the opportunity there
you really have to see it.
Lipman said the foundation aims to engage in a public-private partnership for the space. Ideally, a private company would come to OU with such optimism that it would pay for renovations and staff, at no cost to the university, he said.
The university has paid $4,713.13 in property taxes each year since its acquisition, Sheskey said in an e-mail. Nothing has been done for upkeep.
I certainly don't think it's hurting Ohio University
Lipman said.
- Patrick Holmes contributed to this article.
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