Putting it in football terms, Phenix City Mayor Jeff Hardin called the transfer of four acres of land from Phenix City to Troy University a "game changing event."
Troy University plans to place a College of Business on the riverfront.
Troy University and Phenix City officials gathered at the foot of the 14th Street Bridge for a ceremoiny officially transferring the $2.965 million parcel.
"We are pleased to receive this gift from Phenix City and we look forward to being the catalyst for riverfront growth," said Jack Hawkins, Jr., the Chancellor of Troy University.
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The university expects to begin construction on a 30,000 square foot building once funds have been raised to cover the construction costs.