COLLEGE STATION, Texas *10 P.M. Update*
The College Station City Council is moving forward with plans to part ways with the Chimney Hill Shopping Center on University Drive.
The council voted unanimously Thursday to sell the property for $7.5 million to PM Realty Group who plans to turn the property into a multi-use development that will include restaurants, retail, and housing catered to adults.
Plans are to keep the Republic Steakhouse open during construction and eventually move the restaurant to another side of the property.
The Western Beverages liquor store and DaVita Dialysis Center will most likely have to relocate according to PM Realty officials.
"We think this is a very, very well located piece of land that currently is underutilized and University, the market has stated that this is a very exciting retail corridor of growth for the city," said Dan Leverett, PM Realty Group Executive Vice President.
"Excited about having something new and kind of draw more attention to this area of town. It's just a great location and hoping that everything goes as planned," said Wade Barkman, Owner of The Republic Steakhouse.
The deal is expected to close by June with the entire redevelopment competed by March of 2017.
The city paid $9.6 million for the property in 2008, but city council members say they will make up the difference within 18 months from revenue generated from taxes and leases.
Money from the sale will be returned to the Hotel Occupancy Tax Fund, as the property was purchased from HOT Funds.
In other business, the city council also voted unanimously to remove on-street parking along a 600 foot stretch of Munson Avenue to relieve congestion at the Lincoln Avenue intersection.
Parking will no longer be allowed on either side of the street between Lincoln Avenue and Rose Circle.
Since its purchase back in 2008, major plans to redevelop the Chimney Hill Shopping Center located at University Drive and Tarrow in College Station have not come to fruition.
City leaders once considered turning it into a convention center, but voters rejected the idea. Now, the city is trying to sell the property.
Thursday night the College Station City Council will meet to discuss sale and economic agreements with the Research Valley Partnership and PM Realty Group to sell the property for $7.5 million.
Current tenants include Western Beverages, The Republic Steakhouse, and DaVita Dialysis.
The city council will also take a look at removing on street parking on Munson Avenue between Lincoln Avenue and Rose Circle to relieve congestion.
The workshop begins at 6 and regular meeting at 7 P.M. Thursday.
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