It has been less than a year since the Seaport Department last ordered appraisals on the site as part of a regularly scheduled review process that occurs about every three years.

"At this time, future and final use of this property, also known as the Buena Vista site, has not been decided," Shiver writes in the memo.

"However, it is important to the Seaport Department to conduct an appraisal of this property should FEC place the site on the market for sale. Accordingly, FEC and the county have entered into a non-binding letter of intent expressing our mutual interest in negotiating this transaction."

A number of business leaders and residents oppose any use of this property that does not maximize its potential value to the community. Already some are suggesting that either a mixed-use commercial and residential development best serves this mostly low-wage-earning community.

It is difficult to get an immediate indication of land values in this largely industrial area just to the north of Downtown, because properties surrounding the site contain a mixture of industrial, light manufacturing, retail and even multifamily use under liberal commercial zoning ordinances.

One property, 13,800 sf of vacant industrial land just south of the 54-acre site on Northeast 29th Street, sold last December for $110,000 or $7.97 per sf, for instance.

Further to the south along Northeast 27th and 28th streets, a buyer acquired seven parcels in July totaling about 61,250 sf for $710,000, or about $11.59. However, about 20% of the total square footage contained improvements.

If those property sales are any indicator, the county may be facing an estimated purchase price ranging between $18 million to $27 million.