Council approves public land sale, netting city $15 million
The city of Houston will pocket about $15 million after city council on Wednesday approved a 4.5-acre land sale to an apartment developer at 3540 W. Dallas.
The city is splitting the $30.6 million sale proceeds with Harris County, which built a juvenile detention center on the property after buying it from the city in 1955. The county has operated a sheriff’s substation there, but agreed to abandon the otherwise unused and boarded-up site.
Hanover R.S., the buyer, submitted the highest bid of four initial offers, according to a memo attached to the council agenda. Covenants listed in the sale agreement stipulate that Hanover cannot place billboard advertising on the property.
The city previously has sold public land to shore up budget deficits, including a 2014 sale of a 10.5-acre tract along Allen Parkway for nearly $40 million.