WLOX-TV reported Thursday that Encompass, a Kentucky-based company, is working with Gulf Coast Student Housing LLC to turn the building in Long Beach into the Friendship Oak Village.
Contractor Lee Parrish says they are currently going through their demolition phase and will eventually start doing construction on the inside.
Multiple lounge areas will be available along with study rooms, a gated pool, and controlled access parking.
The project is not associated with the University of Southern Mississippi, but housing will be offered at a per semester rate. Construction is expected to be completed by mid-August.
There will be an official groundbreaking ceremony at Friendship Oak Village on Monday.