Lee University has closed on the purchase of the downtown Monument Building, an action that coincides with the school’s recent startup of a historic development that — once completed — will connect the campus to the heart of the downtown area.
The official closing took place Tuesday, according to an announcement by Jerome Hammond, vice president for University Relations.
The two-story structure at 750 Broad St. N.W. on the corner of Ocoee and Broad streets will serve as an office building, Hammond explained.
“We are pleased that things worked out so that the university could make the deal,” Hammond said. “Lee is growing and always in need of functional space like this.”
The first office to occupy the space will be the Division of Adult Learning.
The property on which the building sits was owned by the late M.C. Headrick until 1975 when Carroll & Greene Co., bought it and built the current structure, named for its proximity to the two monuments to its north.
In 1978, the Church of God purchased the building and then later sold it to B & C Investments in 1992. It was later bought by a private investor and on Tuesday, the university purchased the 13,000 square-foot building from the Slocumb Family Trust.
According to Hammond, the Monument Building fits well into Lee’s overall development plan.
“We’re in a major downtown construction project that will reshape the Lee campus and reimagine that part of the downtown,” Hammond said. “This acquisition is an important part of that plan.”
Hammond said the university will begin using the building “immediately.”