Morgan State University is paying more than $93 million to acquire the site of a long-closed high school in Baltimore.
The university plans to use the 73-acre site, which was home to Lake Clifton High School, as a satellite campus, reports CBS Baltimore.
The city school district closed Lake Clifton High in 2003.
In the agreement to purchase the land from the city, Morgan State has committed to redeveloping the property over a 15-to-20-year period, with a projected total minimum investment of $200 million.
The university plans to demolish the former school, stabilize the historic Valve House, restore five public artworks on the campus, relocate a basketball court and construct a convocation center.
In the future, the university is planning to add academic buildings, athletic fields, a wellness center and mixed-use housing at the satellite campus.
Morgan will pay the city $93,652.80 for the property, covering the balance of unpaid bond debt service the city owes the state.
