University Park, Pa. — Penn State will acquire a strategic parcel of land adjacent to the University Park campus known as the O.W. Houts property, following approval from the University Board of Trustees Friday (May 16).
The property consists of eight parcels totaling 5.61 acres at the intersection of West College Avenue and North Buckhout Street in State College and Ferguson Township. Seven of the parcels, totaling 4.92 acres were offered to Penn State for $3.4 million. Those parcels include the former O.W. Houts retail building, lumberyard, structures and various storage facilities. The retail establishment that occupied the site, O.W. Houts & Sons, closed in January. Two of the parcels are vacant and located on the south side of College Avenue.
Minit Mart, on the north side of College Avenue, holds a long-term lease on the eighth parcel, which expires June 2020. The .69-acre parcel was offered to Penn State under a separate option-to-buy agreement for $1 million. At the time of closing on the other seven parcels, the University will provide $500,000 for the parcel where Minit Mart is located, with the balance paid at closing in 2020.
Plans for the property are still being considered, but Gary C. Schultz, senior vice president for finance and business/treasurer of the University, noted that the strategic importance of the property is obvious given its location adjacent the University Park campus.