Troy neighborhood protected by University’s land purchasePublished 11:00pm Tuesday, June 19, 2012
Troy University has acquired 16 acres of land that should make adjacent property owners very pleased.
The land is contiguous to the university’s Arboretum and near homes on Second Avenue and Woodland Circle.
“There has been considerable opposition from neighborhood residents every time a developer mentions building there,” said Troy Mayor Jimmy Lunsford. “The streets are not designed to accommodate that high level of traffic.”
Dr. Jim Bookout, the senior vice chancellor for Troy University’s Finance and Business Affairs said the purchase happened about three weeks ago and enhances the school’s opportunity to grow.
“The University purchased it and they can set it aside as wetlands and mitigate future development,” Lunsford explained. “The property has value to them and helps us protect a neighborhood.”
Bookout said the university paid $200,000 for the land from capital improvement funds and the cost was less than the property’s appraised value.
The property, Bookout said, will become a consideration for the university’s 25-year master plan.