Southeast Arkansas College officially has the option of completing a new student center and residential hall either at the same time or in two parts, thanks to a vote by the Pine Bluff school's board in an emergency meeting Tuesday.
The vote modified a resolution to include the option. That resolution will go to the Arkansas Department of Higher Education for approval by April 29.
SEARK President Steven Bloomberg said the two-year college's desire is to fund both the student center and 158-unit residential hall at the same time, but rising interest rates are proving a challenge for the college to generate the necessary funding at once. The total cost of both buildings was most recently estimated between $37 million and $39 million. The college has $8 million in funding available with the potential to raise $6 million more.
"With this market, the housing is particularly stronger without the debt from the student center financed with it," Bloomberg said. "If we can have the whole project done at once, we'd like to."
Contractors and college leaders at first planned to break ground on the now-divided project by this month and complete it by June 2023. By splitting the project, Bloomberg said, construction on the student center would commence first and require about $8 million in financing.
To complete the student center alone would take about 16 to 18 months, Bloomberg said.
"Realistically, we're probably looking at May," he added, asked about an updated timeline.
SEARK's board also approved new "pathways" for high school students, beginning in their sophomore year, to explore five programs -- health sciences, industrial technology, computer information systems/networking/cybersecurity, business analytics/logistics/CDL and criminal justice.
"Each pathway includes a new survey course which provides students an introduction to the various careers with the field or discipline, earning opportunities, job openings, etc.," Bloomberg said. "The survey courses will also include presentations by local/area businesses and field trips to area businesses to see first-hand the type of work these various occupations perform."