Change could be coming to University Co-Op, a historic nonprofit dedicated to serving the University of Texas.
Its executive offices have been housed in the historic Dabney-Horne House at the corner of 23rd and Nueces streets, but financial troubles could prompt a major move.
"The co-op is in dire financial straits," Chief Financial Officer James Kielty said at a Historic Landmark Commission meeting Monday.
The nonprofit?s CFO said that?s why they want to sell the property to developers and move the house to East Austin.
"To sell this property is extremely important to us just to keep the company going in at least the short term," Kietly said at the meeting.
The Travis Central Appraisal District has the property valued at about $738,000?about $70,000 less than just two years ago?but developers are likely to pay more than that.
The city changed rules in 2004 to encourage higher density in West Campus. Since then, high rises continue to sprout in the neighborhood, with more planned.
George Mitchell has led the co-op since 1987, but declined YNN's interview requests.
The nonprofit's main business is selling textbooks and merchandise, but students say they can find better deals elsewhere. Textbook makers are also shifting toward the iPad and tablet market.
"A lot of them are going e-Book, but there is still that option,? Steeves Hopson, a senior at U.T., said. ?Personally, I prefer to actually have the book, but I think it's going away from that."
Austin's Historic Landmark Commission is against the plan to sell the Dabney-Horne House. Commissioners say the home has historical significance where it is.
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