UK approves purchase of corner property near Memorial Coliseum
The University of Kentucky Board of Trustees approved plans to purchase a corner property near Memorial Coliseum that is home to several restaurants and a liquor store.
The board unanimously approved the purchase of Coliseum Plaza, located at the corner of Rose Street and Avenue of Champions (also known as Euclid Avenue), for about $3.9 million, according to materials from the board meeting.
The 0.43-acre property is owned by Greer Companies and is home to Bangkok House, El Mariachi Mexican Restaurant & Cantina, Tropical Smoothie Cafe and Coliseum Liquors.
The tenants, who said they had not heard of the sale before being contacted by the Herald-Leader earlier this week, appear to plan to remain open. 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 purchase 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.
UK plans to use the property “for future development projects in the area.”
Other plans for development around UK
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 board of trustees also approved plans 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.
Herald-Leader reporters Jon Hale and Janet Patton contributed reporting to this story.