Gainesville City Council is likely to agree Tuesday to buy the Turner, Wood & Smith building, 100 Brenau Avenue, for $1.52 million.
Council agreed to add a resolution approving the purchase to its agenda at the work session Thursday morning.
Council’s regular meeting will be at 5:30 p.m. Tuesday in the administration building.
The insurance agency has been at the location since 1986, and under the proposed resolution, it would lease the building from the city for a year with an option for a second year.
Closing for the sale is expected to be November, Bryan Lackey, city manager, has told the council.
Exact plans for the site have not been decided, but Lackey said in August the property could be a future parking garage for the northern portion of the downtown area. He said development likely is several years away and could require special purpose local option sales tax to pay for it.
The city’s strategic plan, which was completed in 2015 and looks forward to 2045, proposes improved streets and walkways, and better pedestrian connectivity between the square, midtown and corridors such as Oak Street and Brenau University.
The property is on a central downtown road and is on the edge of the downtown square.
The building was constructed in 1950. The property and land are assessed at $809,000 this year, according to tax records.