Although the matter is at an early stage, the city may have a buyer for a 31,000-square-foot lot at 1115 Cornwall Ave.
Public Development Authority Executive Director Jim Long said the first step in selling the property is a resolution of approval from the authority’s board. That board has scheduled a special meeting to consider such a resolution for 11:30 a.m. Monday, March 21, in its office in Room 308 of the old Federal Building, 104 W. Magnolia St.
Although the development authority controls the property, a sale would have to be approved by the City Council, Long said.
Before the city acquired the site, developer William Maris had planned to build a 15-story condo project called Cornwall Place there. But Maris lost the property to Bank fo the Pacific in a foreclosure in May 2008. The city purchased the site from the bank for $1.53 million later that year before deeding it to the Public Development Authority for possible redevelopment.
Long said he was not at liberty to discuss the potential buyer or terms of a deal, but he said his goal is to make sure the city recovers its investment while getting the property back on the tax roll.
Long said he wants a green light from his board before exploring a possible sale any further.