The University of Nebraska Board of Regents Saturday will consider approving a seven-year contract between UNMC and the University of Nebraska Foundation to buy approximately five acres of land and buildings currently owned by Commercial Federal Bank.
Under the proposal, UNMC would enter into a land contract with the Foundation to acquire the $7.2 million property over a seven-year period.
“It’s a significant piece of property to have considering its location and UNMC’s long range plans,” said Del Lee, UNMC associate vice chancellor for business and finance.
The site, which is west of campus and across Saddle Creek Road, would provide for needed office and clinical expansion plans. Acquiring the site would allow UNMC to use its centrally located space for core research, clinical and education programs and move administrative and support elements to the edge of campus, said Vice Chancellor for Business and Finance Don Leuenberger.
It also would give UNMC the opportunity to move out of space leased elsewhere in the community and relocate programs closer to campus, Leuenberger said. One example, he said, might be the UNMC Department of Psychiatry, which is primarily housed at Richard Young.
The 93,000 square foot site contains two parking lots and three office buildings at 4501 Dodge Street, 4460 and 4444 Farnam Street and 4421 and 4601 Douglas Streets. Under the agreement, UNMC would lease two of the buildings back to Commercial Federal for 24-months until they complete construction on a new building at 132nd and Dodge Streets. The retail bank at Saddle Creek and Farnam Street would be leased back to Commercial Federal for seven years.