About 4-and-a-50 % acres of land at the northwest corner of K Avenue and Park Boulevard will be developed into mixed-profits housing following the Plano Town Council voted 5-3 final 7 days to sell the city-owned assets to the Plano Housing Authority for $2 million.
In June, amid a broader and extended-working debate more than no matter if to motivate higher-density advancement in the expanding suburb, the metropolis council narrowly rejected a preceding $900,000 offer you on the land from the housing authority, which has proposed constructing a 254-device apartment complex in a neighborhood the town hopes to revitalize.
The city subsequently set the property on the open up market place, and obtained its maximum present from the Plano Housing Authority, in accordance to metropolis paperwork.
Mayor Harry LaRosiliere and council associates Maria Tu, Anthony Ricciardelli, Rick Grady and Kayci Prince voted in favor of the sale past week.
Council member Shelby Williams voted versus it, along with council associates Lily Bao and Rick Smith. Williams questioned no matter whether the housing authority’s prepared advancement would make much more house tax earnings for the metropolis than other proposals, and argued that the $2 million would be a portion of the overall value of the land around time.
As component of the sale agreement, the Plano Housing Authority will spouse with MVAH Associates and Auxano Progress to build a multi-family growth oriented towards the Parker Road DART rail station. The advanced will have reasonably priced and sector-amount models, according to town documents.
Strategies also contact for the housing authority to lease adjoining property at 2501 K Avenue to re-create the tire store there into “an open up room that will greatly enhance its planned improvement,” in accordance to metropolis paperwork.