The Foothills Park and Recreation District has found a buyer for a piece of its open-space property on the northeast corner of South Wadsworth Boulevard and West Coal Mine Avenue.
The district’s Board of Directors agreed May 27 to an $815,000 bid from developer Cornerstone Capital Investment Inc. for the 4.65 acres. The property had originally been listed for about $809,000, said Foothills Executive Director Ron Hopp.
While Cornerstone hasn’t announced plans for development, Hopp said it has indicated that any project would be consistent with the current zoning, which allows for a range of commercial and retail development.
The sale is contingent on Cornerstone’s site development plan being approved by Jefferson County.
Foothills had found a buyer for land on the northeast and northwest corners of Wadsworth and Coal Mine in 2012 ,but the $1.5 million contract with Drake Investment Partners was canceled late that year. Drake had asked for a decrease in the agreed price due to site development issues that would have raised the cost of a planned shopping center.
The Foothills board rejected the lower price.
At the time of Drake’s bid, neighbors complained about the proposed development and said increased traffic and noise would negatively affect surrounding neighborhoods.
Foothills put the properties at Wadsworth and Coal Mine, along with several other open-space parcels, up for sale to raise money to maintain district facilities. Foothills had already sold some of its land, including about 10 acres at South Simms Street and South Ward Street, where a residential development is currently under construction despite neighbor complaints.
Foothills is considering seeking a property-tax increase in the November election to fund infrastructure repairs at many of its parks and facilities.