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FC: University Club demolished today

Woodpecker

Woodpecker

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"Penn State sold the parcel to the University Club for $1 in 1913 for the sole use of constructing and operating a social club with residential rooms. The deed gave Penn State right of first refusal should the club sell the property."
"Penn State began demolition of the building on Friday, seven months after purchasing the .64-acre property for $4.07 million."
 
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Psu00

Psu00

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They had to tear it down because it would cost too much to renovateā€¦ā€¦ So they paid $4.07 million for a building that was apparently unusable.
 
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BobPSU92

BobPSU92

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Psu00 said:
They had to tear it down because it would cost too much to renovateā€¦ā€¦ So they paid $4.07 million for a building that was apparently unusable.
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And for $4.07 MM, they havenā€™t announced their intentions for this PARCEL. o_O .
 
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WestSideLion

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Psu00 said:
They had to tear it down because it would cost too much to renovateā€¦ā€¦ So they paid $4.07 million for a building that was apparently unusable.
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I took that they paid $4 million, renovation would have cost another $2 million, but demolition cost $1 million. On the surface, one might ask if the $1 million delta was worth preserving an historic building on campus? They'll no doubt put up a glass monstrosity in that space and downtown will lose just a bit more historic charm.
 
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LastFedaykin

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Also they had to buy it. How much would it chap their asses if some developer bought it and put in a bar or some such. UC was pretty much able to name their price so it's didn't go on the open market.
 
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Midnighter

Midnighter

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UncleRoyBiggins said:
I heard it's going to be Paterno Park and they are putting Joe's statue in the middle.
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oh you stop it kristen bell GIF
 
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DELion

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Appreciation from $1 to $4.07MM in 109 years translates into a return on investment of 15%/yr. I'd say the University Club made some pretty wise decisions. Penn State, maybe not so much.
 
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Rick76

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So who is the University Club? Who owns it or who is the Board of Directors? And what are they going to do with the $4million?

My father stayed there when he was in grad school in the 1930's.

My first day of MBA school back in the day, there was a faculty/student get together in the bar downstairs.
 
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NittPicker

NittPicker

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LastFedaykin said:
Also they had to buy it. How much would it chap their asses if some developer bought it and put in a bar or some such. UC was pretty much able to babe their price so it's didnt go on the open market.
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My thoughts as well. I'm sure the university decision makers knew the building/lot weren't worth quite that much but they were willing to pony up simply to gain control of that entire side of College Ave.
 
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StamfordBridgeVikingatLeftOffensiveTackle

StamfordBridgeVikingatLeftOffensiveTackle

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Rick76 said:
So who is the University Club? Who owns it or who is the Board of Directors? And what are they going to do with the $4million?

My father stayed there when he was in grad school in the 1930's.

My first day of MBA school back in the day, there was a faculty/student get together in the bar downstairs.
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pennstatermag.com

This Old House

Time and change finally catch up to University Clubā€™s historic campus home.
pennstatermag.com pennstatermag.com

"The club itself, which counts a few dozen members, will live on (location TBD)."

Found this too -


I assume the data does not include the sale of the property. :)
 
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Rick76

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dcf4psu

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BW Lion said:
When are the Hammond Bldg and the Beta House scheduled for demo?
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Hammond is due to be torn down after the two new engineering buildings currently under construction on west campus are completed and occupied. I believe that'll be 2024?
 
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Psu00

Psu00

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WestSideLion said:
I took that they paid $4 million, renovation would have cost another $2 million, but demolition cost $1 million. On the surface, one might ask if the $1 million delta was worth preserving an historic building on campus? They'll no doubt put up a glass monstrosity in that space and downtown will lose just a bit more historic charm.
Click to expand...
So they spent $4 million on an unusable building. Then another $1 million to tear it down. Then will spend another $x million to build a new building there? Thatā€™ll be far over the $2 million to just renovate and keep the historical architecture.

And they wonder why eyes get rolled around the state and in Harrisburg when they go crying poverty and demanding more money each year?

Thst said, if thereā€™s one thing they are really good at itā€™s putting up glass monstrosities.
 
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PSU12046

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Psu00 said:
So they spent $4 million on an unusable building. Then another $1 million to tear it down. Then will spend another $x million to build a new building there? Thatā€™ll be far over the $2 million to just renovate and keep the historical architecture.

And they wonder why eyes get rolled around the state and in Harrisburg when they go crying poverty and demanding more money each year?
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. . . and raise tuition.
 
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91Joe95

91Joe95

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I can't help but wonder what connections the University Club board has to the PSU board, because normally PSU would do all they could to appropriate the area and screw over the remaining owners by any means necessary.
 
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StamfordBridgeVikingatLeftOffensiveTackle

StamfordBridgeVikingatLeftOffensiveTackle

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91Joe95 said:
I can't help but wonder what connections the University Club board has to the PSU board, because normally PSU would do all they could to appropriate the area and screw over the remaining owners by any means necessary.
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I looked up some of the names on the non-profit data form and two were history professors. One other was a State College local "thespian." Another was a Penn State "graphic design" specialist. Still another was a local small (very) business owner. I stopped there.
 
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step.eng69

step.eng69

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manatree

manatree

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91Joe95 said:
I can't help but wonder what connections the University Club board has to the PSU board, because normally PSU would do all they could to appropriate the area and screw over the remaining owners by any means necessary.
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Well Penn State did pay around $2mil for the frat that was torn down next to the IST building in 2010 that also had the same $1 arrangement and they paid $2.8mil for the old VFW building, neither of which have the same commercial value as the UC site.

That being said, the UC was a withering organization that has now received a golden olive branch. The sale of the VFW parcel allowed the Veterans Club to buy an abandoned frat on S.Allen to turn into a Veteran frat for $1.5mil.

Thereā€™s currently two student slum rentals in a 0.34 acre lot on the 400 block of West College for sale at $3.25mil if anyone here wants to get their feet wet in the local real estate market.
 
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Woodpecker

Woodpecker

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manatree said:
Well Penn State did pay around $2mil for the frat that was torn down next to the IST building in 2010 that also had the same $1 arrangement and they paid $2.8mil for the old VFW building, neither of which have the same commercial value as the UC site.

That being said, the UC was a withering organization that has now received a golden olive branch. The sale of the VFW parcel allowed the Veterans Club to buy an abandoned frat on S.Allen to turn into a Veteran frat for $1.5mil.

Thereā€™s currently two student slum rentals in a 0.34 acre lot on the 400 block of West College for sale at $3.25mil if anyone here wants to get their feet wet in the local real estate market.
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I'm waiting for the $1 deal
 
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