University of Cincinnati trustees Tuesday agreed to buy about 540 acres east of Lebanon in Warren County for a maximum of $5.5 million.

        The land is at the northeast corner of Wilmington Road and Interstate 71 at Exit 36; the money is to come from UC's endowment.

        Before the meeting, Vice President Dale McGirr said it was evaluated solely as an addition to UC's real estate investment portfolio and UC expects to be able to sell it in about 10 years “with a terrific return.”

        If UC decides, instead, to build a four-year college or research center there, then it has land for buildings, parking and green space at what will be seen as a good price.

        “We have not talked about a north campus, but it is a great investment,” UC President Joseph A. Steger said Tuesday afternoon.

        The resolution adopted by the trustees at their monthly meeting called the land “prime, underdeveloped real estate immediately adjacent to I-71 in Warren County.”

        The alternative to investment-for-profit was suggested last week by Dr. Steger, who said population trends argue for a four-year college in Warren County.

        The growth that's occurring between Cincinnati and Dayton also has prompted UC Physicians to plan a campus in West Chester Township and Middletown Regional Hospital to plan a move to Warren County.

        There is no four-year public college between Wright State in Dayton and UC's main campus, Dr. Steger noted.

        Miami University has two-year programs in Hamilton and Middletown.

        UC offers a few classes in Warren County's One-stop Employment Center in Lebanon.

        Warren County Schools Superintendent John Lazares and the Area Progress Council are investigating building a community college next to the Warren County Career Center, north of Lebanon. The possibility of a four-year college probably would not end that effort, he said.

        Warren County has fewer students continuing to post-high school studies than any other area county, Mr. Lazares said.

        “It's difficult for some people to get to some of these places of higher education,” agreed James Mills, mayor of Lebanon, which is five miles west of the land UC is buying.

        The property is privately owned, said Jerry Atkins, president of Property Advisors Corp., a Montgomery consultant. He heard that another deal had fallen through and brought it to Dr. Steger's attention.

        That was no accident.

        UC had concluded that some Warren County land was undervalued and likely to appreciate rapidly.

        The university hired Mr. Atkins to seek likely sites for investment and possible university development. The 540 acres is one of 16 sites he brought to UC's attention.

        Mr. Atkins said undeveloped acres in Warren County are going for $5,000 to $15,000 depending on the availability of utilities, roads and other infrastructure.

        UC is paying the market price for property that is likely to appreciate as I-71 fills in between the suburbs north of Cincinnati and south of Dayton.

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