The developers of three projects totaling $53 million on city-owned downtown land will pay Gainesville $745,000 for the property.
City Manager Bryan Lackey announced the terms Thursday during a City Council work session. He said the agreement will be formalized in a resolution that will be presented Tuesday at the next regular council meeting.
Knight Commercial Real Estate partnered with Carroll Daniel Construction in writing the winning bid to a request for proposal to develop city-owned property consisting of four adjacent parcels totaling almost 2 acres, according to the RFP. The property fronts Jesse Jewell Parkway and Main Street.
Tim Knight, president of KCRE, and Brian Daniel, president of CDC, unveiled their respective projects last week. Knight’s is investing $41 million on two mixed-use projects that include retail, restaurants and housing, while Daniel is investing $12 million on a mixed-use building with office and retail space that will be the new headquarters for his company.
Lackey said the $745,000 from the transaction will be placed into economic development fund in the city’s budget.