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Council approves sale contract for nearly 4-acre city parcel as part of larger development plan
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Summary
The City Council approved a purchase-sale agreement putting the city’s nearly 4-acre parcel at the southeast corner of SH 26 and John McCain under contract with CDC Equities for planned mixed-use development, contingent on zoning approvals.
Colleyville’s City Council voted unanimously Oct. 21 to approve a purchase-sale agreement for the city-owned parcel at the southeast corner of State Highway 26 and John McCain Road, moving the property under contract with CDC Equities for future mixed-use development.
Assistant City Manager Mark Wood told the council the parcel is approximately 4 acres; the purchase price presented was $15 per square foot for a total of $2,488,800. Wood noted the city originally purchased the site in 2020 for $1,500,000 (about $9 per square foot) using Tax Increment Financing (TIF) funds.
The buyer’s stated concept includes a “luxury garage suite” product, office space and restaurants, and Wood said CDC Equities is under contract for additional adjoining parcels across the street as part of a broader resort/hotel and commercial development concept. The approved purchase agreement will be contingent on the purchaser securing required zoning entitlements from the City Council and the normal planning and zoning review process.
Why it matters: The sale converts city-owned land acquired for redevelopment into private development under a formal contract; staff said proceeds return to the TIF and future site zoning and development will come back to council for approval.
Council action and next steps - The council opened a public hearing on the item; no members of the public spoke. The council adopted Resolution R-25-5584 as part of the consent agenda approving the purchase-sale agreement and related consent items. The motion passed 7-0. - If approved by council through subsequent zoning and plan reviews, CDC Equities will have an initial 180-day due diligence/contract period to pursue entitlements and next steps under the purchase-sale agreement.
Ending: Wood said any development is contingent on zoning approvals; council members praised the return on the city’s 2020 land purchase and expressed optimism about the proposed development if it proceeds through regular review.
