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Altoona (Press Release) - At last Thursday's Altoona City Council meeting, Council members unanimously approved an amendment to its sales and development agreement with Weiss Commercial Real Estate that will transfer ownership of the northwest quadrant of River Prairie back to the City of Altoona.
The 40-acre northwest quadrant was sold to WCRE in 2009 together with the 40-acre southwest quadrant located south of River Prairie Drive and west of Highway 53. Following the recent announcement that OakLeaf Surgical Hospital was planning to relocate to River Prairie, and in the context of renegotiating the development agreement, the City asked WCRE whether they would be interested in transferring ownership of the northwest quadrant back to the City so that the City could have more flexibility in planning and marketing the northwest quadrant according to its vision for mixed-use development.
"We believe the property transfer is in the best interest of both the City and WCRE," commented Mayor Jack Blackburn, "WCRE can focus on the retail development in the southwest quadrant, while the City concentrates on more of a mixed use development concept in the northwest quadrant."
In order to accommodate the land transfer, the City reduced the outstanding balance owed on the property. Both the City and WCRE look forward to marketing their parcels and the River Prairie Development as a whole.
