The University of Iowa is seeking approval from the state Board of Regents to purchase two local properties located at 109 E. Market St. and 128 N. Clinton St. from Gloria Dei Lutheran Church for approximately $2.7 million.

The buildings are now used as a rental house and office building for the church, according to regents’ documents. If purchased, the buildings would be demolished because neither has value for the UI.

Combined, the two buildings have an area of 9,394 square feet. They are located directly across from the Pappajohn Business Building.

Treasurer’s Temporary Investment Income would be used to fund the purchase. The UI will return to the regents at a future meeting to formally receive permission to proceed with project planning.

According to the UI’s proposal, the two proposed properties would provide the UI with “a good footprint on which to develop and construct a new academic building.”

“The university has begun an initial feasibility study for an entrepreneurial center associated with the Tippie College of Business on this site,” according to regents’ documents.

— by Emily Wangen