Elon University purchases Greene Street properties in downtown Greensboro

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GetImageGREENSBORO, N.C. -- Elon has purchased eight properties along North Greene Street in downtown Greensboro, north of Elon University School of Law’s Michael Weaver building.

The purchase includes seven buildings and a parking lot and completes acquisition of the square block bounded by North Greene Street, Bellemeade Streer, Commerce Place and Sternberger Place, according to the school.

"We have no particular plans to use them right now. The tenants who are currently leasing space in some of the buildings will continue there. There's nothing on the drawing board right now," said Dan Anderson, vice president for University Communications.

The properties were purchased from LaRose Properties Inc., the same firm that sold three other properties on that same block to the university in 2011.

"As we continue to expand the programs for Elon Law, we have the space to do that," Anderson pointed out.

Greensboro leaders say Elon's continued success and growth gives the city leverage to attract more businesses, including corporate headquarters, to the downtown hub.

Councilman Zack Metheny said this news supports the recent push for more restaurants, businesses and hotels downtown Greensboro.

"Elon making a further investment in downtown means other private businesses are going to also invest their dollars in the downtown because they recognize the vibrancy of the students, of the professors Elon brings."

He thinks we could also use more residential areas downtown to support the growing student population.

Last month the city announced plans and support for a shared downtown University Campus on South Elm Street for nursing students. The collaboration involves UNCG, A&T State University and GTCC.

Elon's recent purchase was completed through a financial partnership of the university and the Joseph M. Bryan Foundation, which provided start-up funding for the law school in 2006 and continues to be a generous Elon supporter.

The university has no immediate plans to use the properties; the four businesses that are leasing the buildings will continue to operate in their current locations.

"Elon University takes the long-term view with regard to campus expansion opportunities," said Leo M. Lambert, Elon university president. "We believe this is a wonderful opportunity to plan for future growth and academic program development, and are grateful for the generosity of the Bryan Foundation in supporting Elon once again."

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Read more: Elon.edu