LEXINGTON, Ky. (LEX 18) — The University of Kentucky Board of Trustees has authorized the acquisition of a commercial property at 377-399 Rose Street in Lexington for $3.9 million, marking a significant expansion of the university's real estate holdings near the historic Memorial Coliseum.
The Executive Vice President for Finance and Administration received approval to enter into a purchase agreement with Coliseum Plaza, LLC for the .43-acre parcel, which includes a multi-tenant commercial building. The university plans to use the property for future development projects in the area, according to an approval to acquire document.
The acquisition price matches the property's appraised value of $3.9 million. Additional costs for due diligence, appraisals, land surveys, closing fees and other capitalized acquisition expenses will bring the total internal loan amount to $3.925 million, the document read.
The Kentucky General Assembly's 2024 session authorized the purchase as part of the Acquire Land (Land Acquisition Pool) program. The university's Debt Management Committee has reviewed and approved the internal loan request in accordance with the University's Internal Loan Program Policy.
The university will finalize negotiations and complete all necessary agreements following Board and Cabinet approval. The university and Coliseum Plaza, LLC have held intermittent discussions regarding the Rose Street property purchase over an extended period before reaching this agreement, the document added.
