[whpalmer4]

I'm not sure if I'm completely understanding your issue. Are you unhappy with the display, or the entry? It is possible to set a location for a context by going there, getting a location fix, and tapping the Current Location button. That will store the lat/long, but the Maps application will still generate directions to that point if you request it. You do not get a location listed under the context name in the Nearby list view, however.

So, if you want to bind a context's location to a specific spot on the planet's surface that you can either visit, or determine the latitude/longitude, you can do it without any addresses, contacts, or business searches. (The lat/long option requires some surgery on your database, but it is much more difficult to explain than to do.) If you need the Nearby view to remind you without the use of the map that the context around +32˚ 42' 42.07" -97˚ 21' 37.38" is the TCU campus, I think you'll need to choose your context name accordingly, because there doesn't seem to be support for supplying another label.