The city is evaluating whether the site, around 15 acres at 2800 Bissonnet St., could serve as an effective site for stormwater detention, City Manager David Beach said. The city already owns adjacent parcels for its water tower and for vehicle storage. A flood mitigation study previously recommended the city acquire as much as 170 acre-feet of detention. An acre-foot is the amount of water stored in a site that is 1 foot deep and 1 acre across.
"This site is among few sites of this size currently on the market, in this submarket on the fringe of West University Place," Cari Hensley, a spokesperson with CBRE, the brokerage representing the property, said in a statement. "The new ownership is interested in subdividing the site to create a mixed use development."
The land comprises two parcels, one of 13.9 acres and another of 1.6 acres. The Harris County Appraisal District valued the properties at more than $55 million combined.
Bellafontaine Stella Link Ltd. acquired the properties in May and leased them back to Coca-Cola Southwest Beverages through April 2020. CBRE was brought on in August 2018 to facilitate the original sale.
Any decision to bid for the property would have to be made by City Council, Beach said.
