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City Eyes to Acquire Property Next to Davis Hall in North College Park

Portion Next to Davis Hall

Portion of the Stone property next to Davis Hall

Last week, I asked the Council to have a followup discussion on acquiring the small grassy area of the Stone Industrial site, next to Davis Hall. This is an idea staff suggested first to us last month.

Staff has prepared an exhibit showing four options for subdividing the vacant property on the south side of the Department of Public Works (please see in the left). The broker has indicated that their main focus is finding one buyer for the entire 17 acre site, however they would welcome an aggressive expression of interest (to buy a apportion of the site), which could be discussed with a buyer interested in the entire property.

The deadline for submitting bids on the property has already passed, and seven investors have submitted bids.  All of these entities are currently bidders, none are entities that would use the property themselves, so none have proposed a specific long-term use of the property.

At this point, the broker is not asking for an offer, but only a letter identifying the plat area and the possible use of the property. The Council will discuss whether to send a letter expressing its interest in acquiring the portion of the site, and may consider sending a letter to the broker.

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