Trustees authorize sale of 529 York Street after master‑plan renovation estimate rises to $3.5M

The Austin Peay State University Business & Finance Committee voted to authorize the sale of 529 York Street, directing university leadership to accept the highest offer through the state's required real‑estate process.

Dr. Charuze Roopovar, vice president for finance and administration, said the property was purchased in 2017 for $650,000 (including a house, a carriage house and 2.17 acres). She told the committee that initial renovation estimates exceeded $1,000,000 and that the university's 2024 campus master plan later concluded the house would require about $3,500,000 in work. "At that point, it was decided that the expense outweighed the benefits and the university should sell the property," Roopovar said. She described subdividing the parcel into Lot 1A (about 0.8 acres with the house and carriage house) and Lot 1B (approximately 1.36 acres along Robb Avenue, which the university will retain to recover the original purchase price).

Roopovar said the Tennessee State Building Commission previously approved the sale process and that the disposal will be coordinated through an agent appointed by Tennessee State Real Estate Asset Management in accordance with Tennessee law.

An unidentified trustee raised preservation concerns, saying the home dates to about 1859, appears on a historic registry, and once housed a colonel wounded at Fort Donelson. "This home is on the historic registry and... certainly you'd like to see it preserved," the trustee said, but also questioned whether the university should bear the expense of an expensive rehab. The committee discussed the high renovation cost estimates and the university's limited resources.

The secretary called the roll; Trustees Cannata, Johnson, Kimbreau, McInnis and Roe recorded affirmative votes and the chair announced the motion carried.

The committee did not adopt conditions to require preservation as part of the sale; the university will proceed with the statutory process and report back on sale completion.