UK to purchase prominent campus corner. What it means for restaurants, liquor store
AI-generated summary reviewed by our newsroom.
- Board to vote on buying Coliseum Plaza for about $3.9M.
- Greer/UK expect tenants to stay for remainder of their leases.
- Plaza would be included in plans for a possible athletic entertainment district.
The University of Kentucky plans to buy a prominent corner property near campus that is home to several restaurants and a liquor store.
The UK Board of Trustees will vote Friday on plans to purchase Coliseum Plaza at the corner of Rose Street and Avenue of Champions (also known as Euclid Avenue) for about $3.9 million, according to an item on the board’s agenda.
The 0.43-acre property is owned by Greer Companies and is home to Bangkok House, El Mariachi Mexican Restaurant & Cantina, Tropical Smoothie and Coliseum Liquors.
The tenants, who had not heard of the potential sale before being contacted by the Herald-Leader, appear to be unaffected for the time being. At least one of the businesses, Bangkok House, just changed hands.
Lee Greer said in an interview that UK plans to leave the tenants in place for the remainder of their leases, likely with Greer managing the property.
The deal does not include the building next door at 265 Avenue of Champions, occupied by Papa John’s and Qdoba and owned by Papa John’s International. Greer said UK will inherit a right of first refusal with the purchase of Coliseum Plaza, however.
Greer said he is happy to sell and is a big supporter of the university, like his father, Phil Greer.
The Greers bought the spot at 377-399 Rose St. in 2015 for $1,875,000 and renovated the structure, which was built in 1975, extensively to attract premier tenants, including Burger Fi. The burger restaurant has since closed.
What will UK do with Rose Street property?
According to the approval to acquire, UK plans to use the property, which is near Historic Memorial Coliseum, “for future development projects in the area.”
The athletic department announced plans in June to pursue the creation of a fan entertainment district near UK facilities that could include dining, retail, hotels and other entertainment options in an effort to boost revenue for the department.
While the bulk of that project is expected to be focused on the area around Kroger Field on the south end of campus, Sasaki, the architecture firm contracted to explore possible design options, is also considering the area around Memorial Coliseum.
The Coliseum Plaza lot would be included in any athletic entertainment district on that side of campus.
“The expenses of college athletics are not slowing down,” UK athletic director Mitch Barnhart said after the January meeting of the Champions Blue board of governors. “No different than a lot of businesses, entities, any things you talk about. As time goes, things continue to get expensive, and we can’t be stagnant in terms of our thoughtfulness about how we’re trying to create revenue.”
UK created Champions Blue, a nonprofit LLC, to run the athletic department last year. Part of the rationale for the move was the ability to be more flexible in pursuing new revenue streams.
The board of trustees also plans to vote on a separate purchase, also from Greer, of a now-vacant 0.57-acre lot at 1008 South Broadway at Virginia Avenue for $1.425 million. The board document did not say what UK plans to do with that property.
