For the second time in little over a year, Florida State University’s Real Estate Foundation is stepping in to purchase valuable property from the Seminole Boosters, Inc.
During its meeting Thursday, FSU’s Board of Trustees approved the purchase of Champions Hall by FSU’s Real Estate Foundations from the Seminole Boosters, Inc. for up to $12 million. The purchase includes the 60-unit complex and a 1-acre lot nearby used primarily for parking.
The $12 million is being provided to the foundation by the FSU Research Foundation, said Kyle Clark, FSU’s vice president for finance and administration.
Clark described the property as “strategically important property for the university.”
Champions Hall was built in 2014. It sits on 1.2 acres at 232 Hayden Road and consists of 60 units or about 145 beds. It was constructed for the Boosters to house members of the Seminoles football team.
Currently, it is occupied by 50% student athletes and 50% non-athletes, as required under NCAA regulations.
The agreement calls for the Real Estate Foundation to lease the property back to the Boosters for $700,000 a year for the next seven years, when the Boosters would have the option to repurchase the property, Clark told the trustees’ Finance and Business Committee prior to the full board approval later Thursday.