The Iowa Board of Regents will vote next week on the proposed sale of the former AIB College of Business Campus at 2500 Fleur Drive.

Officials at the University of Iowa, which acquired the property in June 2016 through a gift from AIB, decided a year ago it wasn’t cost-effective to operate the nearly 14-acre parcel as the Iowa Center for Higher Education. 

Officials had hoped to expand UI’s educational offerings to students in Central Iowa. However, the effort didn’t work out.

Last spring, UI President Bruce Harreld announced the campus would be closed. In March, the university asked for offers to buy the property, which includes eight buildings.

Five firms submitted proposals, and after a review the Village at Grays Lake LLC was selected. The firm offered to buy the property for $7.5 million.

The “price is indicative of the fair market value for this unique Des Moines property,” according to information provided the regents.

Proceeds from the sale will be used by UI for student financial aid or support for the university’s Des Moines-area academic programs, according to information provided the regents.

The land and buildings, which are tax-exempt, are valued at $21.6 million, according to the Polk County assessor. 

Zoning for the tract is multifamily residential and light industrial. 

“Returning this property to the tax rolls is a positive,” said Mike Ludwig, Des Moines’ planning administrator.