FC: University Club demolished today

[StamfordBridgeVikingatLeftOffensiveTackle]

108-Year-Old University Club Building Demolished

After 108 years along West College Avenue in State College, the former University Club building is no more. Penn State began demolition of the building on

www.statecollege.com

https://www.centredaily.com/news/local/education/penn-state/article266620141.html

 

[BobPSU92]

$4.07 MM for that property? Is it in the Los Angeles section of State College?

 

[BW Lion]

When are the Hammond Bldg and the Beta House scheduled for demo?

 

[Nitt1300]

When are the Hammond Bldg and the Beta House scheduled for demo?

Hammond was overdue for demo in the 1960s

 

[PSUriseANDfire]

$4.07 MM for that property? Is it in the Los Angeles section of State College?

Central Park

 

[Woodpecker]

"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."

 

[Psu00]

They had to tear it down because it would cost too much to renovate…… So they paid $4.07 million for a building that was apparently unusable.

 

[BobPSU92]

They had to tear it down because it would cost too much to renovate…… So they paid $4.07 million for a building that was apparently unusable.

And for $4.07 MM, they haven’t announced their intentions for this PARCEL. .

 

[WestSideLion]

They had to tear it down because it would cost too much to renovate…… So they paid $4.07 million for a building that was apparently unusable.

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.

 

[PSU12046]

And for $4.07 MM, they haven’t announced their intentions for this PARCEL. .

You have to spend money to lose money

 

[LastFedaykin]

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.

 

[UncleRoyBiggins]

I heard it's going to be Paterno Park and they are putting Joe's statue in the middle.

 

[Midnighter]

I heard it's going to be Paterno Park and they are putting Joe's statue in the middle.

 

[DELion]

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.

 

[Rick76]

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.

 

[NittPicker]

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.

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.

 

[StamfordBridgeVikingatLeftOffensiveTackle]

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.

This Old House

Time and change finally catch up to University Club’s historic campus home.

pennstatermag.com

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

Found this too -

University Club Inc — Non Profit Data

nonprofitlight.com

I assume the data does not include the sale of the property.

 

[Rick76]

This Old House

Time and change finally catch up to University Club’s historic campus home.

pennstatermag.com

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

Found this too -

University Club Inc — Non Profit Data

nonprofitlight.com

I assume the data does not include the sale of the property.

Thanks. Guess I missed that article in the Penn Stater.

 

[dcf4psu]

When are the Hammond Bldg and the Beta House scheduled for demo?

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?

 

[Psu00]

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.

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? That’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 there’s one thing they are really good at it’s putting up glass monstrosities.

 

[PSU12046]

If there’s one thing they are good at it’s putting glass monstrosities.

 

[PSU12046]

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? That’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?

. . . and raise tuition.

 

[EPC FAN]

They had to tear it down because it would cost too much to renovate…… So they paid $4.07 million for a building that was apparently unusable.

Hmmmmmmm

 

[J.E.B]

And for $4.07 MM, they haven’t announced their intentions for this PARCEL. .

The Robber Barron and Molly Presidential Library!

 

[91Joe95]

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.

 

[StamfordBridgeVikingatLeftOffensiveTackle]

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.

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.

 

[step.eng69]

108-Year-Old University Club Building Demolished

After 108 years along West College Avenue in State College, the former University Club building is no more. Penn State began demolition of the building on

www.statecollege.com

https://www.centredaily.com/news/local/education/penn-state/article266620141.html

Interesting article...., I wonder how a few members of the BOT will benefit?

 

[manatree]

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.

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.

There’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.

 

[Woodpecker]

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.

There’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.

I'm waiting for the $1 deal

 

[PSU12046]

I'm waiting for the $1 deal

Like Storage Wars . . . I'll raise you to $2.00

 

[91Joe95]

I'm waiting for the $1 deal

Like Storage Wars . . . I'll raise you to $2.00

 

[manatree]

I'm waiting for the $1 deal

Well to be fair, $1 in 1913 would be about $30.

 

[PSU12046]

Well to be fair, $1 in 1913 would be about $30.

Brandi Passante says we're still in at $30 . . .

 

[step.eng69]

View attachment 240620

Brandi says we're still in . . .

Definitely like the play ground...whether be in the 60's or present.