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Sale of the Corporation Yard

Oct 03, 2016 02:32PM ● Published by Jennifer Neys

Sale of the Corporation Yard

City council discussed the next steps regarding the sale of the 2.25-acre corporation yard property at 470-490 Lawrence Way. Selling the property for redevelopment was identified as a means to increase city revenue. Council directed staff to focus on hotels given the potential revenue generation of future Transient Occupancy Tax (TOT).

In July 2015, the city solicited offers for the sale of the property and seven offers were received then narrowed to three hotel proposals. Two hotel developers were chosen. In October 2015, Harrick – Hilton Garden Inn withdrew from the process, and in August 2016, Fillmore Capital – Cambria Suites withdrew their offer. Since that time the property has been used by the WCPD as an impound lot. Several options are available: focus on selling lot to a hotel user; consider selling to other potential users; retain ownership, temporarily lease for auto storage; or simply, do nothing. According to the Economic Development Department, developers of hotels, storage facilities, residential, and assisted living have expressed the strongest interest in the property. A preliminary timeline was created and states that in October, offers are due from buyers and will be reviewed by city staff.

Council voted 5 – 0 in favor of pursuing option 1a on the agenda: Focus on Selling to a Hotel User, and instruct Transwestern to re-list the 470-490 Lawrence Way property and solicit offers from potential buyers on an accelerated timeline. In addition, item 2d on the agenda was deleted from the RFP process: Willingness to work with Stead (Motors) from the minimum qualifications document. City staff will pre-search a select group of qualified buyers to re-approach a “Restricted Buyer Outreach RFP Program.”

 

Community October 2016 Sale of the Corporation Yard Walnut Creek
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