A City Council committee has recommended that the full council call for proposals on how best to use the property. The city collects $2.37 million in annual rent payments on the property, says Will Griffith, the city's real estate assets director. With redevelopment, it should generate $6 million to $10 million annually, he says.
Plans call for the city to lease the land to a developer who would take on the cost of revitalizing the property.
The property involved includes the Sports Arena parking lot, used several days a week by a swap meet; two shopping centers and office buildings on Sports Arena Boulevard, three apartment complexes and an office building on Sherman Street.
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