WASHINGTON — An opportunity for new housing developments will soon arise in Washington as the city has entered a purchase agreement for approximately 43 acres of land.
The agreement is to purchase a portion of the land right away, with an option agreement, or a promise, to purchase the remainder of the land within 10 years.
The exact acreage the city will acquire will be determined once a surveyor has assessed the land, but is expected to be about 43 acres.
The purchase agreement will cover 19 acres at a price of $19,500 per acre and will assume all administrative, legal, surveying, land split, annexation and tax costs. The option agreement outlines the rest of the property that the city has made intentions to purchase, but has not put forth the money yet.
The remaining land will be under a 10-year purchase option at a cost of $19,500 per acre. If the city has not purchased the entire property by April 1, 2026, the price per acre will increase by 1.5 percent per year for the remainder of the time.
The land, located off Highway 1 in Washington, across from the business park, is currently owned by Mary Clarice Bell, Lis Hardy, Jeffrey A. Bell, Jason W. Bell, Justin Bell and Jon Bell, referred to as the Bell family. City Administrator Brent Hinson said this has been in the works for some time and is finally coming to fruition.
Hinson said this purchase will guarantee that lots are available for those looking to purchase and build in Washington and will be a step forward in providing additional housing in the city.
“Ultimately allow for long term development that if you are looking for a housing lot in Washington you will be able to find one,” he said. “This will help provide for those lots we have been missing for quite a long time.”