Another University of Michigan residence hall is due for a major facelift.

The U-M Board of Regents approved a $56 million makeover of the Alice C. Lloyd Hall at its monthly meeting Thursday. The project is part of the Residential Life Initiative, a program approved by the board in 2004 to modernize and improve residence halls.

“The renovation of Alice Lloyd would be an important part of the Residential Life Initiative to improve and expand the residential experience of students at the university,” said E. Royster Harper, vice president for student affairs.

Harper highlighted improved community spaces as an exciting part of the project, which will be created in dining areas that are no longer needed. Those will include practice and multipurpose space, an art studio, music practice rooms and a place for student interaction, according to meeting materials. 

In addition, the building’s infrastructure will be revamped, including plumbing, heating, cooling, ventilation and fire suppression systems. The bathrooms will be redone, and new wired and wireless Internet access will be added.

Alice C. Lloyd Hall, built in 1949, houses roughly 560 students. Originally an all-female residence hall named for the dean of women, it went co-ed in 1968.

A construction date will be set following the board’s approval of design plans, which have been commissioned from Integrated Design Solutions.

The renovation of Stockwell Hall was the last completed project under the Residential Life Initiative.

The multi-year plan to renovate student housing is ongoing. It includes installing new fire detection, alarms and fire suppression systems throughout the residence halls, officials said.

Other projects have included:

• Construction of the new Hill Dining Center, which opened in fall 2008 and adjoins Mosher-Jordan Hall. The cost was $21 million.
• Renovation of Mosher-Jordan Hall alongside Hill Dining Center. It re-opened in fall 2008 and cost $44.1 million. 
• Construction of the North Quadrangle Residential and Academic Complex, which will be complete in fall 2010 at a cost of $175 million. The North Quad complex replaces the U-M Frieze Building, which was formerly the Ann Arbor High School and the old Carnegie Public Library, both built in 1907. The facade of the Carnegie Library will be preserved. 
• The $49 million renovation of Couzens Hall.

Funding for the Residential Life Initiative has come from a portion - 2 percent - of room and board revenue and from University Housing internal re-allocations and cost savings. University Housing is a financially self-supporting auxiliary unit.

The North Quadrangle Residential and Academic Complex is an exception and is funded from a combination of resources from University Housing, the Provost’s Office, the College of Literature, Science and the Arts and investment proceeds.

The university will take on short-term debt to pay for Alice Lloyd’s renovation, according to meeting materials.

In other news, the U-M Board of Regents Thursday:

• Approved a new degree program for the U-M School of Nursing. The Doctor of Nursing Practice program will be available for enrollment in the fall of 2011, according to meeting materials. The new program will be open to nurses who already hold a master’s degree. The 37-to-40-credit program is “designed to prepare expert nurse clinicians and executive leaders for the highest level of practice to improve health and health care outcomes,” meeting materials state.

• Didn't take action on a proposal to change to the school’s endowment distribution rate. The move to lower the distribution rate of the fund from 5 percent to 4.5 percent was proposed to help U-M in the long-term because more money can be invested, which will boost continued growth, according to university officials. The reduced rate would be implemented over time. 

Officials said more money would be re-invested to boost long-term stability and help U-M avoid faculty hiring freezes, furloughs, program cuts and construction delays during the recession. 

Regents were originally expected to vote on the issue Thursday, but it was pulled from the agenda and will be reintroduced in July, officials said.

U-M’s endowment was valued at $6 billion as of June 30, 2009, and stood at about $6.7 billion on April 30. During the 2008-2009 school year, U-M distributed $244 million from its endowment to support operations, including endowed professorships and student aid. U-M officials base the endowment’s annual payout on a seven-year trailing average market value.

Juliana Keeping covers higher education for AnnArbor.com. Reach her at julianakeeping@annarbor.com or 734-623-2528. Follow Juliana Keeping on Twitter