Organizers of the Greek Village apartment complex have been envisioning the project for six years, and now hope to finalize their plan this fall.
The apartment building would hopefully be non-profit, unlike any other apartment complex on campus, said Tom Devine , senior chapter advisor of the Sigma Alpha Epsilon fraternity  and one of the organizers of the project.
They hope to have the University of MinnesotaâÄôs permission by the end of the fall semester so they can begin construction in the spring, Devine said.
University spokesman Dan Wolter said in an e-mail that administrators were considering the plan, but had not reached a decision yet.
The project would take about 18 months to complete and would be ready for the 2012 school year, said David Salene, executive director of the project.
Close to $300,000 has been invested in the project, Salene said.
There would be 430 beds in the complex with live-in adult supervision and a meal plan, he said, and would be built on the 1700 block of Fourth Street Southeast, Devine said.
The setup of the building will be similar to that of Roy Wilkins Hall , Salene said.
Rent would go toward repairing the existing fraternity and sorority chapter houses and toward the cost of the project itself, Salene said, and pricing would be lower than for-profit private housing.
The apartment building would be open to students who are not fraternity or sorority members, Salene said.
The project got its start when Greek houses were no longer able to accommodate all their members, he said.
Greek Village would help with the annual shortage of first-year housing at the University of Minnesota, Salene said.
The Village would also help shoulder the financial burden facing the greek system due to low membership, Salene said.
The project has been approved as a tax exempt non-profit organization, Salene said.
Final documents about the project were submitted to University last December. The school responded by saying they didnâÄôt need any beds, but at the last project meeting the University told organizers they needed 600, Salene said.
Though the University committed $100,000 to pre-planning the project in 2006, it did not then confirm support for the project as a whole.
But as of now the organizers have been told there will be Greek Village project, Salene said.