City purchases land at auction

DOWNEY - The city of Downey paid $1.9 million at a public auction Aug. 2 to acquire 4.12 acres of commercial land on Firestone Boulevard that had fallen into foreclosure.The property, located at 9715 Firestone Blvd., is currently being used by Champion Dodge to store cars. City officials said they plan to negotiate a short-term lease with the dealership until the property can be redeveloped. After paying delinquent property taxes and transfer fees, the effective purchase price will be about $11.21 per square foot, below the current market value according to a preliminary appraisal of the property, city officials said. Brian Saeki, director of community development for Downey, wrote in a report to the City Council that the city has already begun discussions with commercial developers and car dealers regarding potential development of the property. "The Firestone property is a key commercial site that could be redeveloped into a myriad of uses that would benefit the city of Downey," Saeki wrote in the report. More details are expected when the city releases a redevelopment plan for the site within 3-4 months.

********** Published: August 26, 2010 - Volume 9 - Issue 19

NewsEric Pierce