The University System of Georgia Board of Regents approved at its June 11 meeting a 20-year lease-purchase agreement for the initial home for the Medical College of Georgia/UGA medical partnership in Athens.
The regents authorized UGA and MCG to spend $25 million to lease the O’Malley’s building from the UGA Real Estate Foundation, Inc.
Located on Mitchell Street, the 36,845-square-foot building will soon undergo renovations that include the creation of classrooms; simulation rooms for medical exams; laboratories for gross anatomy, pathology and histology; a medical library; and faculty offices. Renovations, for which the UGAREF will be responsible, are slated to be completed in June 2009, in time for the first class of medical students.
The regents agreed to pay $2.5 million to the UGAREF on June 1, 2009, followed by 19 annual rental payments of about $1.3 million each.
The regents will own the building after the 20-year lease ends.
University system officials still plan to permanently house the medical partnership on Prince Avenue at the site of the Navy Supply Corps School, which is in the process of closing and is expected to be handed over to the system in 2011.
