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Board approves purchase of Knoxville house at 2126 Terrace Avenue for UTK campus expansion
Summary
Trustees approved acquiring a residential lot at 2126 Terrace Avenue in Knoxville, described as strategically located within UT Knoxville property and intended for future Greek housing expansion; purchase price reported as $800,000.
The University of Tennessee executive committee on Thursday approved the acquisition of a residential property at 2126 Terrace Avenue in Knoxville for the benefit of the UT Knoxville campus.
David Miller, a university staff member presenting the item, said the lot is "very much in the middle of campus," is surrounded by property the institution already owns and is included in the campus master plan for future Greek housing expansion. "The market value of the property is $800,000 and we're asking approval to execute the purchase," Miller said.
Trustees voted by roll call to approve the purchase. The votes recorded were: Trustee John Compton, aye; Trustee DeCosta Jenkins, aye; Trustee Bill Rhodes, aye; Trustee Donnie Smith, aye; Trustee Jamie Woodson, aye. The motion passed.
Why it matters: The committee said the acquisition secures a centrally located parcel that aligns with UTK's master plan. Trustees noted the board had an appraisal and that a competing offer had been possible; the institution's representatives called the price fair and appropriate for the strategic value.
Staff will proceed with executing the purchase and integrating the property into campus planning for Greek housing expansion as shown in the UTK master plan.
