GRAPEVINE - The City of Grapevine is purchasing 185 acres for $29.5 million from former Texas Ranger Rafael Palmeiro. The land is located at the intersection of Texas 121, Grapevine Mills Boulevard and Grapevine Mills Parkway.
City Manager Bruno Rumbelow said buying the land near Grapevine Mills mall would give the city a vast amount of real estate that hopefully could be resold at a profit, as well as allow the city to have a greater say in whom the future owners would be, and how it would be developed.
Rumbelow said they plan to close on the property soon and fully fund the transaction by Feb. 28, 2014.
Palmeiro, former first baseman and outfielder, had a mixed-use development that was never built planned on the site.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.