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City may Buy this Old Town Property at $1.7 million

At next week’s Council meeting, the Council will consider approving a contract to purchase the property located at 4704 Calvert Road.

The City was contacted recently by Calvert Road, LLC, the long-time owner of the property.

The property is currently a rental and has an approximately 13,000 square foot parcel, with 5 lots, Lots 1 and 2 are zoned as R-55 and the remainder as R-18. The property is improved with an existing two and ½ stories plus a basement multi-tenant building.

According to the staff report, the property would provide opportunities such as adding open space or residential development. The report is recommending the eventual use of the property will be explored later.

The cost of the property is $1,700,000 if purchased on or before March 17; $1,750,000 if purchased thereafter. The purchase, and any costs related to the acquisition, will be funded from the CIP – Property Acquisition.

The Council will also consider introducing an emergency ordinance to allow the City to go to settlement on or before March 17, 2022. This ordinance also authorizes the City Manager to make any related expenditures necessary to facilitate the acquisition of the property.

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