The Community Redevelopment Agency approved an agreement Monday to give Dallas-based Trammell Crow Co. an exclusive right to negotiate for the development of an 8.6-acre parcel.
The property on Bandini Boulevard near Atlantic Avenue is one of the last remaining parcels in the city available for development. The city had been seeking a development that would generate $100,000 a year in revenue. None of the three firms that submitted proposals guaranteed that amount.
Trammell Crow, which guarantees a minimum of $75,000 in annual income, has proposed an office building and two manufacturing and distribution buildings for the site, which used to be a National Guard armory. The city built a new, $1.9-million armory at another site in exchange for the property, obtained last year in a swap with the federal government.