6.l.
TCEDC Agenda
- Meeting Date:
- 10/15/2025
- Title:
- Approve the sale of +/- 48 acres out of a 245-acre piece of TCEDC-owned property to Cobbproperties1 LLC for the purpose of residential development.
- Submitted For:
- Kristin Edwards
- Submitted By:
- Kristin Edwards, Economic Development
- Department:
- Economic Development
ACTION REQUEST (Brief Summary)
Approve the sale of +/- 48 acres out of a 245-acre piece of TCEDC-owned property to Cobbproperties1 LLC for the purpose of a residential development.
BACKGROUND
TCEDC and Planning and Engineering staff have been approached by Cobbproperties 1 LLC – also known as Tapestry Land – regarding potential purchases of TCEDC-owned property above Mall of the Mainland. Specifically, they are interested in two areas:
1. GCAD ID 228658 (southern portion): This piece of property is 245 acres in size, and the Buyer looks to purchase and develop on +/- 48 buildable acres. This property is located immediately above Mall of the Mainland property and immediately below an existing residential development.
2. GCAD 228658 (central portion): Property located above an existing residential development (Meritage), the buyer would look to purchase additional acreage. This property would likely include the footprint for the Central Park Boulevard extension project, and staff has recommended we hold on this portion.
Both properties are zoned Single Family Residential. The proposed Purchase and Sale Agreement for the property located immediately above Mall of the Mainland (identified in graphic as “1”) is attached to this item. Cobbproperties1 LLC has made an offer to purchase the property for $1.92 million, to be paid in cash at closing.
As discussed in the previous item on the Central Park Boulevard project, the TCEDC will be asked to contribute a total $2.61 million toward construction of the roadway. Funds from the sale of this property would offset that total amount by nearly 75 percent.
1. GCAD ID 228658 (southern portion): This piece of property is 245 acres in size, and the Buyer looks to purchase and develop on +/- 48 buildable acres. This property is located immediately above Mall of the Mainland property and immediately below an existing residential development.
2. GCAD 228658 (central portion): Property located above an existing residential development (Meritage), the buyer would look to purchase additional acreage. This property would likely include the footprint for the Central Park Boulevard extension project, and staff has recommended we hold on this portion.
Both properties are zoned Single Family Residential. The proposed Purchase and Sale Agreement for the property located immediately above Mall of the Mainland (identified in graphic as “1”) is attached to this item. Cobbproperties1 LLC has made an offer to purchase the property for $1.92 million, to be paid in cash at closing.
As discussed in the previous item on the Central Park Boulevard project, the TCEDC will be asked to contribute a total $2.61 million toward construction of the roadway. Funds from the sale of this property would offset that total amount by nearly 75 percent.
ANALYSIS
Approve the sale of +/- 48 acres out of a 245-acre piece of TCEDC-owned property to Cobbproperties1 LLC for the purpose of residential development.