Arizona Board of Regents Business and Finance Committee document

The proposed site for a public-private partnership between ASU and Omni Hotels.

Arizona State University plans to transform a neglected corner of Mill Avenue and University Drive, but needs permission from the Arizona Board of Regents before it can proceed.

The lot was once slated to be the headquarters for USA Basketball. Those plans, which also included a hotel and conference center, fell through almost two years ago.

The Arizona Republic reports there have been at least three projects proposed for the space since 2000.

The new project calls for a hotel with 330 guest rooms and a 30,000 square foot conference center.

ASU would lease property to Omni for payment of $5.9 million and additional annual rent.

The school would shell out almost $19.5 million to build the conference center, which Omni would manage.

Parking for the hotel and conference center would include 275 spaces owned by ASU and maintained by the hotel.  

The Board of Regents will review the project Friday, Nov. 18 in Tucson. The meeting will be livestreamed online.

KJZZ contacted ASU for comment, but had not heard back as of Wednesday afternoon.