Southwest Baptist University has purchased the former Consumer's grocery store building in Bolivar at a discounted price from Springfield-based real estate broker Davis Properties.
"The Davis family sold the property to SBU at a bargain sale price and then made a significant contribution to the university," SBU President Pat Taylor said in an SBU news release.
The school bought the building for about $1.6 million, down from its market value of roughly $1.9 million, said Sharina Smith, senior director of the university's office of marketing & communications.
Warren Davis, owner of Davis Properties, declined to disclose the dollar amount of the contribution.
The 40,000-square-foot building, 2103 S. Springfield Ave. in Bolivar - about a block away from the university, will be renamed the Warren B. Davis Family Physical Therapy Center, according to the release.
In total, the project is running the school about $3.5 million - $1.6 million for the purchase and $1.7 million for renovations, Smith said.
The building will allow for the admittance of 80 physical therapy students per year, up from the previous allotment of 40 students, the release said.
GHN Architects & Engineers of Springfield will draw up the renovation plans, and Killian Construction, also of Springfield, will likely begin construction when designs are complete, Smith said.
The school is shooting for the building to be completed by the end of the spring 2011 semester, Smith said.
Dollar General, the building's current tenant, will continue to occupy about 10,000 square feet of the building when the new center is built, Davis said.[[In-content Ad]]
Adrianna Norris became a first-time business owner with the opening of Finley River Chiropractic; PaPPo’s Pizzeria & Pub launched its newest location; and Huey Magoo’s opened its second store in the Ozarks.