Kentucky Wesleyan College has acquired the former Legacy Owensboro building which is located next to the college.
“The opportunity presented itself,” said Eddie Kenny, KWC vice president of advancement. “It’s right at our doorstep.”
KWC purchased the 3300 Frederica Street property for $1.7 million on Dec. 30, 2019, according to the real-estate transfer.
Kenny said the previous owners, Jack Wells, Sylvia Jones and Wayne Foster, opened the dialogue for the acquisition about the time Legacy Owensboro Church relocated to the former Malco Owensboro Cinema location last year.
“It’s a great partnership with the previous owners, who are all friends and alumni of the institutions and have helped to make this a possibility and opened up that conversation and worked well with us,” Kenny said.
The full purchase amount from KWC is not required until the end of December 2022, Kenny said.
KWC can also back out of the deal anytime after March 30 until the end of the agreement should the college determine that usage of the facility is not in its best interest.
“We’re still at the determining phase of that, trying to figure out what the facility usage will be,” Kenny said. “Doing our due diligence in terms of financial analysis as well as an analysis of the usage of that space either for programming or just a variety of opportunities that it could present for the college.”
Kenny said a financial analysis may be ready by the end of March, adding that KWC will make an announcement once it’s completed.
