The Woodmont Co., a Fort Worth-based commercial real estate developer, purchased about 6 acres of land located at the southeast corner of Hwy. 26 and Acuff Lane. Colleyville City Council approved the purchase agreement Feb. 21.
The city purchased the property in 2021 for about $2.55 million. The city’s agreement with Woodmont Co. was for $3.25 million, according to the meeting’s presentation.
City Manager Jerry Ducay said the property previously had white steel buildings that housed Moxie Scooters. Before selling the land, Assistant City Manager Mark Wood said the city demolished the buildings for $80,000.
Once under contract, Woodmont will begin working with the city for entitlement approvals, and the transaction will likely close this summer, city documents stated.
“We’ve met with [The Woodmont Co.] many times ... and are very comfortable with their products,” Wood said. “We’re very excited about this.”