Kent State University wants to buy a multiunit property adjacent to the Kent campus on East Main Street for $2.2 million as part of its expansion plans.
Kent State has identified several areas near the campus that can be used to enhance academic, athletic, recreational and residential programs as well as to promote downtown revitalization through the extension of the Lester A. Lefton Esplanade, a pedestrian link from campus into downtown Kent.
The property at 430-436 E. Main St. is the last piece of property needed in that block to complete the university’s commitment to revitalize the downtown business district in a partnership with the city of Kent.
“We have been looking at the property for some time due to its strategic placement, which is surrounded by university property,” said Mark Polatajko, Kent State senior vice president for finance and administration. “When the opportunity arose this summer, we negotiated with the current owners and came to terms.”
KSU officials said the university does not have immediate plans to develop the property until the completion of the facilities master plan, but its location is key to the planning process.
The property houses a Starbucks, Campus Book & Supply bookstore and parking. For decades, the building was home to Brady’s Cafe, a popular gathering spot for Kent State students.
It’s on the corner of North Lincoln and East Main streets and covers three-quarters of an acre.
The current owner of the building, GDR Partners LLC, will continue to manage the property on behalf of Kent State for a minimum of three years and transfer the rental income to the university.
The revenue generated from the leases will help with the cost of purchasing the building.
KSU officials said no student tuition or fees will be used to pay for the property. University proceeds have been set aside for property purchases in the partnership.
The board approved the purchase at its December meeting, but the Controlling Board in Columbus has to approve it. The Controlling Board meets Monday to review the request.
There were two appraisals for the property — one for $2.2 million and the other for $1.9 million. The last time the property was sold was in 2002. It sold for $250,000.
Marilyn Miller can be reached at 330-996-3098 or mmiller@thebeaconjournal.com or Follow her on Twitter@MarilynMillerBJ.