After extensive discussions over the past several months, the Flagstaff City Council has approved the purchase of 2.1 acres at 320 N. Humphreys St. for $6.3M.
The property was formerly planned as an affordable multifamily and senior living community by AllThrive 365, which was previously known as the Foundation for Senior Living. AllThrive was unable to secure the necessary funding and announced it would cancel that plan and enter discussions with the City of Flagstaff to buy the land.
Flagstaff will use the proceeds from selling the former downtown courthouse, parking funds and capital reserve funds to pay for the site.
Although the courthouse sale is not yet final, the Humphreys site transaction is still expected to be completed by the end of June.
Noting AllThrive’s commitment to affordable housing, Flagstaff officials also voted to solicit development proposals for the site that will include an affordable housing component. That solicitation is expected to come within a year of closing the purchase.
In the same June 2 meeting that saw the purchase approval, Council discussed the possibility of issuing a request for proposals to find a development partner that would use the property for a combined affordable housing and parking project. The stated goal was to move quickly to meet deadlines for Low-Income Housing Tax Credits.
That option, under which Flagstaff would retain ownership of the parcel, will be discussed in future meetings following the Council’s summer recess. (Source: Arizona Daily Sun)