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Council directs staff to finalize Houghton Village development plan and explore sale options
Summary
With two development proposals on file and city appraisals showing higher value for a five‑story entitlements scenario, council instructed staff to prepare a development plan for the city‑owned Houghton Village parcel and to explore sale and short‑term financing options while preserving flexibility.
The council heard an update and financial briefing about the city‑owned Houghton Village property (formerly known as Station 27 site) and directed staff to finalize a development plan and investigate market options for the parcel.
Background: The city purchased the Houghton Village property in 2022 with a short‑term interfund loan of about $14.2 million. Staff issued an RFP earlier in 2025 and received two active development proposals; neither submitted additional revision material following staff’s request for updated financial scenarios. Appraisals in 2025 estimate the property at about $16.5 million under a three‑story assumption and $18.25 million under a five‑story…
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