College Station sells land, expects $30M developmentCollege Station sells land, expects $30M developmenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=82282013-02-15T14:08:00Z2013-02-15T00:00:00Z

COLLEGE STATION - College Station City Council has agreed to sell city-owned land near Northgate, which includes Café Eccell, for the development of multifamily housing.

Asset Plus Realty Corporation, a Houston based company, is set to close on the 3.36-acre property for $3.6 million in June. The property is bound by Wellborn Rd., Church Ave., 1st St. and Louise Ave.

The company plans to build a four-to-eight story student housing development with costs estimated at $30 million. The city will extend a $600,000 economic development grant to the company. Construction will start within two years, and the project will be complete by 2016.

The city originally started the acquisition of the block in 1997 for a game-day condominium project that fell through.

The Eagle
College Station-Bryan
http://www.theeagle.com/news/local/article_ba24bdd8-56c1-537e-becc-79d05e776da1.htmlRead more at {Source}

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