City of CS Completes Sale of Northgate Land

The next step has been taken in what will be the newest commercial development in Northgate. And another Aggie is the point person.

The city of College Station and Houston-based Asset Plus Realty have closed on 3.36 acres, including the original city hall at Wellborn Road and Church.

The $25 million dollar project includes 100 residential units, 6,000 square feet of commercial space, and 300 onsite parking spaces.

Barrett Kirk of Asset Plus says site preparation begins next month with construction lasting through the summer of next year.

City Manager Kelly Templin says proceeds from the $2.975 million dollar sale will go towards purchases in the fire and parks departments among other things.

From the city of College Station:

Houston-based Asset Plus Realty Corporation is the new owner of 3.36 acres at the corner of Wellborn Road and Church Avenue, commonly referred to as the First Street Property.

Closing of the $2.975 million sale, which occurred late Monday, clears the way for a mid-rise multifamily housing development currently scheduled for completion in summer 2015. Asset Plus will invest at least $25 million of taxable valuation in its new Northgate development.

The parties worked through five different closing dates since summer 2013, finally culminating the process just ahead of the contract-required Jan. 17 deadline.

“The quality of this private investment won’t just benefit Northgate,” said College Station City Manager Kelly Templin, “it’ll benefit all of our residents because proceeds from the sale are already earmarked to fund fire apparatus, parks improvements and other important services.”

For Barrett Kirk, Asset Plus Senior Vice President for Development and Acquisitions, the project has additional significance.
“Having an opportunity to do something special in Northgate that will serve generations of Aggies is nothing short of a dream come true for me,” said Kirk, who graduated Texas A&M with a master’s degree in Land Economics and Real Estate.

Kirk says the development will include 100 residential units, 6,000 square feet of commercial space and 300 onsite parking spaces.

Site preparation is set to begin in February.

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