The School of Medicine and St. Louis College of Pharmacy (STLCOP) are swapping about 1.2 acres of land.
According to the agreement, the School of Medicine will take ownership of the Rabe Hall property at 4520 Forest Park Ave., and STLCOP will acquire two separate parking lots, on the southwest and northwest corners of Parkview Place and Taylor Avenue.
STLCOP will tear down Rabe Hall, an apartment building, after May 15, when all current student leases from the 2008-09 school year have expired. Once demolition is complete and the site is cleared, ownership of the lot will be transferred to the School of Medicine.
The School of Medicine will retain access to the two surface parking lots along Parkview Place after the sale through a lease agreement. School employees may continue to use these parking lots until STLCOP begins any construction, which is not expected until at least 2010.
Through this land transfer, both institutions gain a land footprint that is better for long-range growth and development, although within the School of Medicine there are no immediate plans for developing the Rabe Hall site and the other University property adjacent to it.