FAYETTEVILLE -- The University of Arkansas, Fayetteville is buying nearly three 3 acres near the main campus.
The UA System board of trustees approved the purchase of several parcels in Fayetteville during a meeting Thursday.
Property located at 1540 W. Markham Road, 335 N. Hornsby Drive, 334 N. Hornsby Drive, 324 N. Hornsby Drive, 333 N. Game Day View, and 325 N. Game Day View encompasses 2.66 acres and will be purchased for just over $5 million, the same value it was recently appraised at, according to UA System President Donald Bobbitt.
Current owners are Reindl Investments LLC, UA Properties LLC, and Reindl Land Trust; university reserves will be used for the purchase, and closing will occur after July 1.
Trustees also approved purchase of 0.33 acres at 1520 W. Markham for $750,000, the value it was recently appraised at, and owned by Reindl Land Trust, according to Bobbitt. UA reserves will be tapped for the purchase, which will close after July 1, 2024.
Though the university has no specific plans for the land at this time, "we are a growing campus, so we need to be smart and take advantage of opportunities when they arise," said UA Chancellor Charles Robinson. "We might not have this opportunity later on, and we feel good about this purchase."
Though the trees Robinson is planting with this purchase may not be harvested for 20 years, it's paramount to capitalize on chances like this when they arise, UA trustee Ted Dickey said. The purchase is "opportunistic."