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Flagstaff agrees to buy downtown block at 320 N. Humphre for $6.3 million to preserve parking and pursue affordable housing
Summary
Council approved purchase of the full block at 320 N. Humphre for $6.3 million using courthouse proceeds and capital reserves; staff will solicit development proposals within a year that must include an affordable housing component and accommodate parking needs.
The Flagstaff City Council authorized purchase of the downtown block at 320 North Humphre (bounded by Humphre, Beaver, Dale and Cherry) for $6.3 million on June 2, approving a purchase and sale agreement with FSL Holding Partners.
Real estate manager Bryce Dodie told council the city originally directed staff to acquire the south half of the lot; when the opportunity to buy the full parcel arose staff recommended purchasing the entire block. "We are purchasing the entire lot for $6.3 million," Dodie said, and explained the purchase will be funded primarily from proceeds tied to the old courthouse sale, with supplemental general fund capital reserves and real estate proceeds.
The agreement requires staff to solicit development proposals within one year of closing that include an affordable housing component; any future development must also incorporate parking because the city is using capital funds to preserve parking capacity. City Manager Keen said staff will prepare an RFP over the summer and return with solicitation parameters; council asked that scoring favor proposals that deliver higher shares of affordable housing across defined AMI bands.
Council moved and unanimously approved the purchase and authorized the city manager to execute closing documents and proceed with interim beautification of the parcel until development begins.
