Texas State purchased a large piece of land off N. Sessom Drive, less than a quarter mile from Albert B. Alkek Library.
The land makes up a little over 14 acres and was bought with a contract price of $3,875,000, according to David Bisset, the real estate specialist for Texas State.
“Mr. Fields’ (the previous owner) appraisal was higher than the sale price, and so he will give us the difference in the value,” Bisset said.
Eric Algoe, vice president for Finance and Support services, said there are no current plans to develop the land.
“Having just completed our ten-year master plan in 2017, which is available online, we have a clear vision for the university’s growth over the next decade,” Algoe said. “The land north of Sessom is not part of that plan.”
The property was bought for its location in proximity to campus, according to both Bisset and Algoe.
The state-owned land will have special allowances, according to Kristi Stark, communications director for the City of San Marcos.
“The interesting thing about when a university or public entity purchases land is they’re not subject to all the permitting requirements as a private citizen,” Stark said. “They don’t necessarily have to come in and talk to (the city) about what they’re going to do, as long as it falls in the realm of a public institution.”
The land is located off of W Sessom Drive near Sessom park, less than a minute walk from the LBJ Student Center.
Texas State’s ten-year master plan can be found online.