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Colleyville council authorizes LOI to negotiate sale of 22-acre 'Northern Gateway' for resort-style hotel
Summary
Colleyville City Council voted 6-0 on June 3 to authorize an LOI with New City Capital Partners LLC to negotiate purchase and sale agreements for 22 acres of city-owned land at the Northern Gateway for a proposed resort hotel; the deal is contingent on entitlements and financing and includes an 18-month feasibility period.
Colleyville City Council on June 3 authorized the city manager to execute a letter of intent (LOI) with New City Capital Partners LLC to pursue the sale and development of roughly 22 acres at the city’s Northern Gateway, west of Colleyville Boulevard, for a proposed resort-style hotel. The resolution passed 6-0.
Assistant City Manager Mark Wood called the item “the very first exciting step of a potential development at the city's Northern Gateway.” The LOI sets an initial purchase price of $10 per square foot (about $9,850,000) for the 22-acre parcel and includes an option for the developer to buy an adjacent 15-acre parcel later. The LOI contains an approximately 540-day (about 18-month) feasibility period for the developer to secure financing and entitlements; Wood said the city would not sell or close without…
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