About four-and-a-half acres of land at the northwest corner of K Avenue and Park Boulevard will be developed into combined-money housing soon after the Plano Metropolis Council voted 5-3 last 7 days to promote the city-owned house to the Plano Housing Authority for $2 million.
In June, amid a broader and lengthy-running debate around no matter if to really encourage high-density advancement in the developing suburb, the city council narrowly rejected a prior $900,000 supply on the land from the housing authority, which has proposed creating a 254-device apartment intricate in a community the city hopes to revitalize.
The town subsequently set the house on the open market, and gained its optimum provide from the Plano Housing Authority, in accordance to metropolis documents.
Mayor Harry LaRosiliere and council customers Maria Tu, Anthony Ricciardelli, Rick Grady and Kayci Prince voted in favor of the sale last week.
Council member Shelby Williams voted against it, together with council associates Lily Bao and Rick Smith. Williams questioned irrespective of whether the housing authority’s planned progress would produce extra house tax income for the city than other proposals, and argued that the $2 million would be a fraction of the total price of the land above time.
As component of the sale arrangement, the Plano Housing Authority will husband or wife with MVAH Partners and Auxano Growth to build a multi-family members growth oriented toward the Parker Highway DART rail station. The complicated will have affordable and current market-rate models, in accordance to town paperwork.
Programs also get in touch with for the housing authority to lease adjoining property at 2501 K Avenue to re-acquire the tire store there into “an open up area that will boost its planned improvement,” in accordance to metropolis paperwork.