Three developers submitted proposals last week to Drake University for its first phase of a redevelopment project along the south side of University Avenue adjacent to the campus. Drake President Marty Martin said a preferred option has been chosen that includes a hotel, apartments and street-level retail. The university is not announcing the name of the developer until the recommendation is voted on by Drake's board of trustees at its October meeting. In its request for proposals, Drake said it would consider three ownership options for a developer: a long-term lease, selling the developer the property outright, or Drake becoming an investor in the project. Neighborhood Development Corp. consulted on the evaluations of proposals from developer Jake Christensen and WesleyLife, Nelson Construction & Development and Newbury Development Co. Read a related article at BusinessRecord.com.