City Councilor Doug Knight said the prospective buyer approached the city with a proposal for a mixed use development with office and retail space on the ground floor and residential units above. Current zoning on the property allows for buildings up to 55 feet tall.
joined the council in the years that followed.
Knight, an architect, said based on the drawings provided by the developer, the project has all the elements to Under Armour Boots Womens
"Ideally, we'd like to recover what we put in that's just not going to happen because of the way the market has changed," he said.
City Manager Eric King said the city has been in discussions with a prospective buyer for months and may be able to finalize a deal at a closed door City Council executive session on Wednesday. Although King declined to give any dollar figures, he said the city is likely to take a loss; Under Armour Curry Back 2 Back Mvp Pack
Selling the property to a developer with a solid track record and proposal will "stop the continued hemorrhaging," of making payments on the property, Knight said.
Knight said although the purchase of the land was misguided in retrospect, the city's experience with the Bulletin property has made a deep impression on him and other councilors who've Under Armour Micro G Engage Women's
the most recent listing for the property was asking $2.28 million.
In 2005, the city purchased the land from a developer for $4.78 million, with an eye toward using it to build a new city hall. The city ultimately decided to remain in its current facility on Wall Street roughly a mile south.
Sale of Bulletin property may be pending
King said councilors have been in agreement that it's preferable to sell the property at a loss than to hold onto it for several years in an effort to recoup a larger portion of the city's investment. Under city ownership, the lot generates no property taxes, King said, but will start contributing to city coffers once it is developed.
"If it's Under Armour Clutchfit Drive 2 Highlight sold that would be great news. I think it's been an urban blight for a long time, and it would be great to see something that would be a benefit to Bend there," he said.
serve as a "gateway" to downtown.
The city is edging close to selling a piece of property it purchased near the height of Bend's real estate boom.
And that could spur additional redevelopment.
The vacant, 3.1 acre property, on Northwest Wall Street across from Pioneer Park, has often been referred to as the "Bulletin property" by the city, as it was home to the newspaper's offices between 1966 and 2000.
"I think there was a valuable lesson learned there, that we shouldn't necessarily be involved in speculative real estate," Knight said.
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