UNIVERSITY PARK, Pa. – The purchase of property located at 331 W. College Ave. in State College was approved by the Board of Trustees Committee on Finance, Business and Capital Planning today (Feb. 17) and will be recommended to the full board at its meeting on Feb. 18.

The .64-acre property and its existing building would be acquired from the University Club for an amount not to exceed $4,070,000. The University Club, a privately held corporation, was deeded the land in 1913 and has occupied the facility since 1914. The building has been used for social functions, as well as housing. The University previously owned the property and maintains an agreed upon first right to repurchase it, should the property ever come up for sale.

No specific plans for the property have been made, but with its location near the corner of North Atherton Street and West College Avenue, the purchase of the property gives Penn State control of a critical site that forms a boundary to the University Park campus. Penn State will integrate the property into its long-range planning.