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Today, Ole Miss officially will ask to buy the West Jackson Avenue property for $6.9 million from CG Oxford Development LLC.
The information comes from the agenda for the state Board of Trustees of Institutions of Higher Learning, which runs the state's universities.
The property includes two tracts of nearly 22 acres, 152,223 gross square feet of buildings and more than 950 parking spaces, as well as associated streets and drives.
The university has been using parking and building space for various purposes for several years.
The development includes some retail stores and a movie theater.
The purchase has been approved by IHL staff and its documents by the Attorney General's Office, the agenda notes.
CG Oxford Development LLC was chartered in 2004 by its registered agent, attorney Cal Mayo Jr. of Oxford. Documents show its only member is Allen H. Crosswell of Houston, Texas.
Ole Miss says it will pay for the property from internal funds and the University of Mississippi Land Acquisition Fund.