City Sells Downtown Land for Commercial Building
The City Council has approved the sale of a city-owned property--one of the last open spaces downtown--for development of a two-story commercial building.
For more than two years the council has discussed selling the 17,500-square-foot site, which it acquired for $212,000 at the height of the real estate boom nearly a decade ago, said Kenneth Duran, assistant city manager. The property was sold to developer J.B. Construction for $155,000.
Duran said officials came to the conclusion it was better to sell the property in the 100 block of East Bonita Avenue for a loss and get about $12,000 a year back in property and sales taxes.
As part of the deal, San Dimas officials have agreed that the sale won’t close escrow until the city issues the required approvals for the project.
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