CS Council Could Sell Chimney Hill Shopping Center This FallFeatured Stories, News Thursday, July 25th, 2013
In 2008, the College Station city council spent $9.6 million dollars to buy what is now the nearly vacant Chimney Hill shopping center on University.
Since then, the council dropped plans for building a convention center.
Mayor Nancy Berry, appearing on WTAW’s The Infomaniacs, says the property could be sold this fall.
The mayor, who agrees with the thought the city “grossly overpaid” for the property, hopes to recover 75 to 80 percent of the purchase price.
Berry says proceeds from the sale will return to the city’s Hotel Occupany Tax fund.
One remaining tenant is on a month to month lease, and the council during Thursday’s meeting will consider reducing the lease time for a second tenant from five years to 18 months in exchange for paying less.
NancyBerry072413hill.mp3WTAW’s Scott DeLucia visits with Nancy Berry.
Short URL: http://wtaw.com/?p=66647