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CRA approves purchase of 15 Tropicana parcels for affordable housing consolidation; $750,000 purchase price
Summary
The CRA approved acquisition of 15 Tropicana‑owned parcels totaling about 2.9 acres for $750,000 to consolidate land adjacent to an existing CRA parcel and enable higher‑density affordable housing; staff described options including community land trust ownership.
The Community Redevelopment Agency approved a proposed acquisition of 15 adjacent parcels owned by Tropicana for a combined purchase price of $750,000. CRA staff said the parcels total roughly 2.9 acres (after consolidation) and are located in the Central CRA; many of the lots are vacant and are zoned for residential use (T4R / T4O zoning types were cited).
CRA Manager Chris Mignon said acquiring the parcels would allow consolidation next to an existing CRA‑owned site and produce development opportunities for workforce and affordable housing. Staff estimated yields based on zoning bonuses at roughly 15 units per acre in some scenarios, noting that combined redevelopment could support multiple new homes and that SHIP and other subsidies could help finance owner equity for buyers.
Board action and vote: The CRA voted unanimously to authorize execution of purchase contracts for the 15 parcels (deposit described in staff materials and total purchase price cited at $750,000), with the normal 45‑day due diligence period to examine appraisals, environmental and title matters.
Staff described potential ownership and delivery models: incorporation into a community land trust to preserve long‑term affordability, partnerships with nonprofit developers, or holding parcels for future CRA projects. Board members discussed the benefits of locating workforce housing near employment nodes and noted the proximity to the Tropicana property and future public works relocation as a potential tenant/employment synergy.
Next steps: Staff will proceed with due diligence and return with consolidated appraisal, title examination, environmental review and recommended delivery mechanism (land trust, developer partnership or direct CRA disposition). Closing is contingent on due‑diligence outcomes and board approval.
