Doran Development announced Tuesday that it has finalized the purchase of the iconic Dinkydome and an adjacent University parking lot, paving the way for its proposed retail and housing project. A 12-story housing complex, Sydney Hall, will have units ranging from studios to four-bedrooms and will have retail tenants on its ground level. The building will connect to a refurbished Dinkydome and reach as far as the northeast corner of 15th Avenue and Fourth Street Southeast. Redevelopment is slated to begin immediately and Doran Construction , a branch of Doran Companies , will serve as the general contractor. Earlier, University officials had said it was rare that the school would sell property to a private company . Sue Weinberg , the University’s director of real estate, told the Daily for a story in July that the parking lot was valued at $1 million. The apartments are scheduled for occupancy as early as July 2010.