Delta Gambit

A group of local investors already involved in restoring downtown property in Fayetteville is trying to expand its holdings onto the campus of the University of Arkansas.

Greg House, John Tyson and David Buckley want to buy the former Delta Gamma sorority house at Maple and Lindell streets. The 20,000-SF house has been vacant for more than a year.

But, it seems to be an unusually complicated deal.

“We are negotiating with the university,” says House. “They are still trying to work out who has the title.”

The building has been listed with Lindsey & Associates Inc. of Fayetteville for $600,000. House and his partners offered to buy it in May for an undisclosed amount of money.

The investors want to convert the upper floors of the building into expensive student apartments with retail outlets on the first floor. House says he could provide about 25 apartments in the building.

The university is concerned about the change in the building’s use. It seems there are some agreements between the university and the other vendors who do business on the campus that have to be considered. House says he hopes the issues are resolved by the middle of September.

But, even if the sale is blocked by the university, the deal might continue as a lease agreement with the current owner, Alpha Omega House Corp., House says.