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Okay, I did some messing around and I think I have found a solution for you. Please note, I did this in a newly created neighborhood made for this test. I therefore can not be sure on full implications to existing neighborhoods.
First: BACK UP YOUR NEIGHBORHOOD
I cannot stress this enough, this could screw up your game, so don't yell at me if you didn't back up.
Okay, once you have installed a university, it will not allow you to delete all your universities. Everytime you are down to one campus, the delete option goes away.
Work around: Find the folder for the neighborhood that has the campus in it you want to delete, we will use N004.
Enter that folder and look for N004_University001.package or something like that. If you still have more than one campus installed, delete the others in the game until you are left with only one campus. Delete the N004_University001.package file, as well as the .png file of the same name. Restart your game, all your universities will be gone. I have not had any gameplay problems after doing this. New campuses installed fine.