Company president Bill Schuck told GlobeSt.com he is paying a substantial amount for the prime land, but can't close on the deal until the owner completes a 1031 Exchange early next year. The parcel represents the last large undeveloped land in Superior along US 36, he says.
The land currently is zoned for about 600,000 sf of office space, which would have an estimated completed value in today's dollars of about $120 million, says Schuck. It also could be used for retail, mixed-use or a town center for Superior. Schuck says he meet with town officials as well as neighboring land owners to determine the best use for the property.
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