The city also committed to contributing $5 million to the purchase of the land. And the trust is still looking to sell a small portion of the land, probably for commercial uses, to help defray the cost of the property.
“At this point, our plan is to carry through with the purchase,” said Vice Mayor Louis Jones.
Jones said he is not concerned that a last-minute buyer would come forward at the foreclosure sale and scoop up the property. A developer would need City Council approval to build high-density homes on the property, which is unlikely to happen based on the Beach’s commitment to preserve the land, Jones said.