Virginia Tech Foundation to purchase University Club building
The Virginia Tech Foundation and membership of the University Club of the Virginia Polytechnic Institute and State University have reached an agreement in principle in which the foundation will purchase from the club the building located at 100 Otey Street.
The agreement, which will be fully executed on Dec. 15, also includes the provision that the University Club will transfer its rights to construct, own, and operate a club house on Virginia Tech property--included in the original 1929 agreement that led to the construction of the building on university land — to the Virginia Tech Foundation. In turn, the foundation will pay $1.35 million.
Once the agreement is finalized, the Virginia Tech Foundation has informed the university that it intends to remove the structure from the property to aid Virginia Tech’s plan to develop a Creativity and Innovation District.
First announced in 2016, Virginia Tech remains committed to establishing the Creativity and Innovation District, and the maker-to-market opportunities this community will produce. This district will serve as the epicenter of a highly collaborative and innovative campus enterprise that aligns with the guiding principles defined by the Beyond Boundaries and Destination Areas and Strategic Growth Areas initiatives.
An integral component of Virginia Tech’s master planning effort, the Creativity and Innovation District will be located on the eastern edge of the campus where it intersects with the Town of Blacksburg and will bring together a range of people, programs, and facilities to foster an environment of collaboration. The School of Performing Arts, the Moss Arts Center, the Institute for Creativity, Arts, and Technology, and the School of Visual Arts will anchor the district and the entrepreneurial partnerships they produce within and beyond the campus.
The vision for the Creativity and Innovation District also includes new and existing residential space in and adjacent to the district to house living-learning communities related to creativity and innovation for interested students, artists in residence, entrepreneurs in residence, and faculty. It is envisioned the living spaces would incorporate studios, creative technologies, and shared learning spaces.
The land on which the University Club building sits has been identified as a potential location for a new living-learning center. Once the agreement with the University Club is fully executed, Virginia Tech can begin to develop formal plans regarding the future use of the land.
Funding and design of any future construction on Virginia Tech property must first be approved by the Virginia Tech Board of Visitors.