The university is paying the $14.6 million cost for the land through revenue bonds. It's anticipating the revenue from student and business rental fees should be sufficient to cover the bonds.
Loftstead expected the bonds would be issued by Jan. 24.
Paradigm is on the hook for the entirety of the projected $70 million development cots.
As detailed in the project arrangement, Paradigm pays the upfront construction costs and then receives a certain amount of the proceeds from the project. That amount increases to 51 percent after the first 10 years the facility is open, according to the agreement between Paradigm and the university.
Ryan Lynch, Doug Martinelli and Jim Brown founded Paradigm in February. Martinelli is a professor of civil engineering at WVU, and Brown owns a private contracting company in Fairmont. This development is the company's first, Helmick told the Daily Mail in October.
As of late October, Paradigm had not secured any financing for the project. However, Helmick said "banks are at the table" ready to lend the $70 million. University spokesman John Bolt told the Daily Mail at the time the university had no concerns about Paradigm finding the money.
Helmick did not return a message left Friday. Lofstead said she had not heard anything recently from Paradigm concerning funding.
Project officials anticipate the building will consist of 265 student apartments on the upper levels and retail businesses on the first floor. Those businesses include a grocery store, and possibly coffee shops, bookstores and a restaurant.
Completion is still slated by the start of the 2014 fall semester.