What you need to know
The contract was authorized in July, and the due diligence period for the purchase is expected to close Sept. 29. After the period ends, officials hope to have an idea of what to do with the property, Director of Economic Development Mary Poche' said.
While the land—located near the intersection of Main Street and Myrtle Avenue—was purchased with LHEDC sales tax dollars, the actual price of the property will not be available until after its closing.
Called Project Redo, the property will “act as a beacon, moving everything in the direction of revitalizing the downtown area,” Poche' said. The property is planned to be developed by either the city or a third-party partnership.
“What we're trying to do [is reach] the younger folks,” Poche' said. “They want to be in higher-density areas—living, shopping [and] eating.”
A timeline on the project is not yet available.