COLUMBUS - Presidents of The Ohio State University will be getting a new home, thanks to the generosity of long-time university supporters.

Ron and Ann Pizzuti will donate their home at 80 North Drexel Avenue, Bexley, as a residence for the university president in exchange for the home presently used as the University Residence, a house located at 2416 Commonwealth Park North, Bexley.

The Pizzuti residence is appraised at $2.3 million. The difference between the appraised value of the Pizzuti home and the eventual selling price of the current University Residence will represent the actual gift of the Pizzutis to Ohio State. The current residence is expected to sell for $1 million, representing a $1.3 million Pizzuti family gift. The gift is to The Ohio State University Foundation, a separate 501(c)3 organization which exists for the sole purpose of supporting activities of the university. The current University Residence is owned by the foundation.

"This is a gift of enormous value and significance to the university," said Jerry May, vice president for development and president of the university foundation. "The new residence will be not only a great home for Ohio State presidents but also an adaptable and useful facility for multiple university uses. We deeply appreciate the Pizzutis' generosity and thoughtfulness, and for their continuing support of Ohio State."

The president's residence is used extensively for university events for students, faculty, and staff, and for receptions, recognition dinners, and other activities in support of Ohio State fund-raising efforts and community outreach programs. More than 50 events involving 2,000-3,000 people are expected to be held at the residence during the coming academic year.

The Pizzuti house will be more conducive to this type of use. The Pizzutis purchased the house in 1975 and made extensive renovations and additions during the mid-1980's, more than doubling the first floor entertainment area and adding an outdoor family pool and tennis court. It has nearly 8,900 square feet and can seat more than 100 for dinner, whereas the current University Residence has about 5,100 square feet and can seat no more than 35 for dinner. The new residence has ample space for outdoor entertaining as it is located on 1.3 acres, compared to the .46 acres of the current residence. The Pizzuti residence has off-street parking for small events, as well as accommodations for housing overnight university guests, something that is not possible in the current residence.

The current University Residence was purchased by the university foundation in 1990 and renovated shortly thereafter. The $600,000 purchase price and the $195,000 in renovation costs were paid for using private funds. The residence was remodeled in 1997 for then-President Gordon Gee shortly before he resigned to become president of Brown University. The remodeling included the renovation of the upstairs, a catering kitchen in the basement, and the updating and winterizing of a back porch used primarily for university functions. The cost of the renovation was approximately $386,000 - the majority of which (approximately $276,000) was paid for with private funds. Much of the catering kitchen equipment, with an estimated value of $40,000, will be moved to the Pizzuti residence.

The transaction is expected to be completed by the end of the calendar year. The Pizzutis will sell the Commonwealth Park North property and move to a new home in Miranova, a major new downtown residential tower on the Scioto River, in late fall. Ohio State President William Kirwan and his wife, Patty, are expected to move into the new residence early next spring following modifications to make the facility accessible in accordance with Americans for Disability Act requirements.

"This has been a wonderful home and a terrific community for our family," said Ann Pizzuti. "We love this place. We just know it will bring happiness to the Kirwan family and those families that follow them."

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