CASPER, Wyo. — Ownership of land currently leased by the University of Wyoming for the UW Plaza development will transfer to the company handling the development, following action by the UW Board of Trustees.
The board voted unanimously last week to authorize sale of the 9 acres to University Plaza LLC, a Casper-based company, for $3.923 million.
The UW Plaza development, which began in 2005, serves as an entry to the UW campus.
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University Plaza LLC has had a ground lease agreement with the university, allowing construction of a mix of retail businesses, restaurants and condominiums.
Proceeds of the land sale, once completed, will be placed in the university’s special projects reserve account. UW will retain the right of first refusal in the event the company elects to sell any of the property.
“We’re happy to see development continuing at UW Plaza and believe this sale will pave the way to fully realize the property’s potential,” says Neil Theobald, UW’s vice president for finance and administration. “This action is a positive step for the university and the community.”
“We are excited to build on our recent growth with additional development, including the Cowboy Condos,” the company says.
The development’s current tenants include restaurants and retail businesses, including: Wyoming’s Rib and Chop House, McAlister’s Deli, Union Wireless, Grand Nails & Spa, Coal Creek Coffee, Jimmy John’s, GNC, Great Clips, Blue Federal Credit Union, Rocket Fizz, H&R Block, Maurices, Mr. Jim’s Pizza, Army National Guard Recruitment Center, Toppers Pizza, Chili’s, Almanza’s and Studio City Cinema.