The Wichita Falls City Council Is Selling Some Prime Real Estate
You could own a prime piece of real estate, right here in Wichita Falls!
Earlier this week, the Wichita Falls City Council met to discuss selling the vacant grass lot at the corner of Call Field Road, and Lawrence Road. While the lot is only under a half acre, many real estate developers say that it’s an incredible location. It’s located near several different businesses such as, McAlister’s Deli, Mazzio’s Pizza, and Natural Grocers.
Here’s a look at the property’s location from Google Maps.
This particular track of land was acquired by the city a few years ago, as a part of the Rhea/Lawrence realignment project. The property hasn’t been used since construction was completed. In 2014, the land was appraised at $461,000.
The Wichita Falls Assistant City Manager Paul Menzies, told the city council that the property has had numerous offers from commercial developers over the years. In fact, in 2016 a local developer offered the city $583,000 to purchase the small track of land. However, the city declined the buyers offer.
Menzies told the city council that there are many benefits to selling the 0.71 acre property. He said that in addition to the revenue from the sale of the property, the city would collect both property tax, and additional sales tax by allowing a commercial business to be built on the track of land.
Developers who purchase this land can’t just put anything on there. There are restrictions on what type of businesses can operate on the corner. The city is prohibiting both gas stations, and some financially oriented business from opening. Developers won’t be allowed to operate check cashing outlets payday loan, or title loan businesses. Billboards will also be prohibited from being built on the property.
Considering the properties location, I’m sure that the city won’t have any trouble finding a buyer, and will get multiple offers from different commercial developers.