Development agreement would clear the way for new construction on once-troubled Urbandale site
KENT DARR Aug 19, 2015 | 10:26 pm
1 min read time
227 wordsBusiness Record Insider, Real Estate and DevelopmentSignature Real Estate Services and Urbandale city officials are moving closer to a development agreement that will help the city abate what was considered a nuisance property through a new commercial development.
In February, Signature paid a total of $858,500 for the former Villa Lodge at 11000 Douglas Ave. and the Dragon House restaurant at 10912 Douglas. Villa Lodge, a budget hotel, had been the target of frequent police visits. Both properties were in dilapidated condition, sitting along the south side of Douglas.
Under the development agreement, Signature will demolish both buildings and bring down nearby poles and signage to prepare the site for a commercial development.
The city plans to convey an access road to Signature to accommodate future development, providing the developer meets some goals.
In addition, Signature will pay half of the nearly $68,000 that will be needed to improve access at 109th Street, which provides an entrance to the Walnut Ridge Business Park.
City Manager A.J. Johnson said by turning the access road over to Signature, the city will gain more land, even a sliver, that will return to the tax roles, with the overall benefit to the city and developers being that the conveyance will enhance the development potential of the site.
“For us, that far exceeds the actual value of the land,” Johnson said.
A public hearing is scheduled for Sept. 29.
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