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The City Council, in the April 3 Regular Meeting, approved the sale of nearly 5 acres of land at the corner of 20th and Argent for retail/service commercial development.
Back in June 2016, the Council approved the sale of half of the 10 acre parcel at the corner of 20th and Argent to CBC Student Housing, LLC for the purpose of the currently underway construction of student housing. Subsequently, the City has negotiated with A-1 Properties LLC for the remaining half of the property to be developed in two phases as retail/service commercial. The City will be refining the details of the sale with A-1 Properties, which has until May 2018 to exercise the option to purchase the first parcel and 2022 to exercise the option on the second parcel. The sale should net around $1 million for the City’s Economic Development Fund.
“The development of the property will provide needed commercial and hospitality services for both CBC and the airport,” said Deputy City Manager Stan Strebel. “while increasing business opportunities in the City and enhancing the City’s sales and property tax base.”