Toggle sidebar

FC: University Club demolished today

Psu00

Psu00

All-Conference
Oct 12, 2021
1,291
1,831
113
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.
 
  • Like
  • Haha
Reactions: step.eng69 and Bison13
BobPSU92

BobPSU92

Heisman
Aug 22, 2001
40,505
29,233
113
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.
Click to expand...

And for $4.07 MM, they havenā€™t announced their intentions for this PARCEL. o_O .
 
  • Like
Reactions: Bison13
W

WestSideLion

All-Conference
May 29, 2001
4,012
4,343
113
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.
Click to expand...
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.
 
  • Like
  • Wow
Reactions: step.eng69 and Psu00
L

LastFedaykin

Sophomore
Oct 26, 2021
78
150
33
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.
 
Last edited:
  • Sad
Reactions: step.eng69
Midnighter

Midnighter

Heisman
Jan 22, 2021
10,694
17,012
113
UncleRoyBiggins said:
I heard it's going to be Paterno Park and they are putting Joe's statue in the middle.
Click to expand...
oh you stop it kristen bell GIF
 
  • Like
  • Wow
Reactions: step.eng69, Bison13 and BobPSU92
DELion

DELion

Senior
May 23, 2020
233
445
63
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.
 
  • Sad
Reactions: step.eng69
R

Rick76

All-American
Oct 13, 2021
2,218
5,880
113
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.
 
  • Like
  • Love
Reactions: PSU-CC77 and step.eng69
NittPicker

NittPicker

Heisman
Jun 30, 2001
4,995
10,211
113
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.
Click to expand...
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.
 
  • Like
Reactions: step.eng69
StamfordBridgeVikingatLeftOffensiveTackle

StamfordBridgeVikingatLeftOffensiveTackle

All-Conference
Nov 10, 2011
1,893
3,196
113
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.
Click to expand...
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. :)
 
  • Wow
  • Sad
Reactions: step.eng69 and PSUJam
R

Rick76

All-American
Oct 13, 2021
2,218
5,880
113
  • Like
Reactions: step.eng69 and StamfordBridgeVikingatLeftOffensiveTackle
D

dcf4psu

Senior
Nov 7, 2003
795
969
93
BW Lion said:
When are the Hammond Bldg and the Beta House scheduled for demo?
Click to expand...
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?
 
  • Like
Reactions: step.eng69
Psu00

Psu00

All-Conference
Oct 12, 2021
1,291
1,831
113
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.
 
Last edited:
  • Like
Reactions: 91Joe95, WestSideLion, Bison13 and 1 other person
P

PSU12046

All-Conference
Oct 18, 2021
1,485
2,548
113
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?
Click to expand...
. . . and raise tuition.
 
  • Like
  • Sad
  • Angry
Reactions: step.eng69, 91Joe95, WestSideLion and 3 others
91Joe95

91Joe95

All-Conference
Aug 15, 2003
2,843
4,070
113
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.
 
  • Like
Reactions: Hlstone
StamfordBridgeVikingatLeftOffensiveTackle

StamfordBridgeVikingatLeftOffensiveTackle

All-Conference
Nov 10, 2011
1,893
3,196
113
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.
Click to expand...
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.
 
Last edited:
  • Like
Reactions: 91Joe95
step.eng69

step.eng69

All-Conference
Nov 7, 2012
3,030
4,182
113
  • Like
Reactions: 91Joe95
manatree

manatree

All-Conference
Oct 6, 2021
2,374
3,884
113
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.
Click to expand...

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.
 
Last edited:
  • Like
  • Wow
Reactions: 91Joe95 and Hlstone
Woodpecker

Woodpecker

All-American
May 29, 2001
3,672
8,384
113
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.
Click to expand...
I'm waiting for the $1 deal
 
  • Haha
Reactions: step.eng69
You must log in or register to reply here.
Top Bottom