Arlington is paying more than $19 million to buy up more than 20 acres of land in the city after council unanimously approved the purchase Tuesday night.
The property, split between four addresses around the intersection of Lamar Boulevard and Ryan Plaza Drive, will be held by the city for use in future development.
The property itself will cost the city $19 million, but the council also approved funds to cover closing costs, the price of which was not specified.
The purchase is next to property already owned by the city, creating a 41-acre area of land owned by the city.
An analysis conducted by city staff ahead of the council meeting suggested the purchase would “enable the City to advance long-term planning objectives that include commercial mixed-use" and potentially constructing an employment center in the future as the city nears buildout.
Lindsay Mitchell, the city’s director of strategic initiatives, described the purchase as strategic ahead of the council’s vote Tuesday night.
“This acquisition represents a significant step toward advancing redeveloping goals for this corridor,” Mitchell said.
The funds for the purchase will come from the Water – Pay Go account, a fund intended to be used for capital improvements to water infrastructure, but which has built-in flexibility. The money can be borrowed from that fund to make the purchase so long as it is fully repaid into the account by the end of the fiscal year.
That money could come from “lawfully available resources” or potential partnerships with private partners, according to the report created by city staff.
That report says the purchase will not impact water rates or the city’s ability to fund capital projects for the water department.
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