2008 Woodie Awards
Foundation takes action to sell land across from UCOM
Anna Chapman
Senior Reporter
Issue date: 3/26/07 Section: News
- Page 1 of 1
In September 2006, the USA Foundation's Board of Directors approved the sale of more than 21 acres of land located at University Boulevard, just south of Old Shell Road. The land was offered in two tracts, one measuring 17.45 acres and the other 4.02 acres. According to Foundation Managing Director Maxey Roberts, the 4.02 acre tract is actually about 3.79 acres due to an increase in the right of way from the widening of University Blvd.
In September, 16 acres of the larger tract were approved for sale to a real estate development company for $2.22 million. The University had expected Moran Development Co. to build high-end apartments on the site, but the deal was not completed. Moran Development has chosen not to proceed with the transaction.
"Moran Development is not really interested [in the land] at this point," Roberts commented. "The Foundation has held the property since the early 1990s and has not actively marketed it, but as interest develops we will evaluate."
Though the Foundation has not tried to market the property, there has been active interest expressed in the land. At the March 8 meeting, the Board of Directors authorized the Investment Committee to take appropriate action to sell the land across from UCOM.
The resolution declares that the Foundation "has received three (3) unsolicited offers for the purchase of Parcel A [17.45 acres] and one (1) unsolicited offer for the purchase of Parcel B [3.79 acres]." It continues to state that "whereas management of the Foundation has advised the Board of Directors that none of the offers that have been received is regarded by management as representing the full and fair value of either parcel."
The Investment Committee of the Board has been authorized to take any action necessary to sell either or both of the plots of land. "Now we'll just have to wait and see," Roberts said.
In September, 16 acres of the larger tract were approved for sale to a real estate development company for $2.22 million. The University had expected Moran Development Co. to build high-end apartments on the site, but the deal was not completed. Moran Development has chosen not to proceed with the transaction.
"Moran Development is not really interested [in the land] at this point," Roberts commented. "The Foundation has held the property since the early 1990s and has not actively marketed it, but as interest develops we will evaluate."
Though the Foundation has not tried to market the property, there has been active interest expressed in the land. At the March 8 meeting, the Board of Directors authorized the Investment Committee to take appropriate action to sell the land across from UCOM.
The resolution declares that the Foundation "has received three (3) unsolicited offers for the purchase of Parcel A [17.45 acres] and one (1) unsolicited offer for the purchase of Parcel B [3.79 acres]." It continues to state that "whereas management of the Foundation has advised the Board of Directors that none of the offers that have been received is regarded by management as representing the full and fair value of either parcel."
The Investment Committee of the Board has been authorized to take any action necessary to sell either or both of the plots of land. "Now we'll just have to wait and see," Roberts said.
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