A huge building near the University of Tennessee's Knoxville campus that has been closed since 2019 is expected to reopen soon as a student recreation center.
WATE-TV reports that the University of Tennessee Board of Trustees has approved the university’s plan to lease 120,000 square feet of space in a building that once housed a Walmart. The facility is situated between the main campus and the Agriculture campus. It has been vacant since March 2019.
According to the board agenda, the University of Tennessee Foundation would acquire the building and lease it to the university.
The lease term would be 99 years, unless the university terminates the lease or acquires the foundation’s interest in the property. Tennessee will prepay $15.625 million to rent the property, an amount that could change to match the acquisition price and closing costs paid by the foundation.
The university would also pay operational and maintenance costs, as well as any on-site buildouts or improvements.
