Friday, July 18, 2014

Got $7.6 million? Interested in buying some CARTA property?

Original intermodal property on West Montague is up for sale as agency looks to fund new site

Posted by Paul Bowers on Fri, Jul 18, 2014 at 11:41 AM

click to enlarge CARTA is ditching the original site on West Montague Avenue. Interested? - PROVIDED BY DAVIS & FLOYD
  • Provided by Davis & Floyd
  • CARTA is ditching the original site on West Montague Avenue. Interested?

As we reported last month, CARTA is abandoning its original site for an intermodal bus and train terminal off of West Montague Avenue and moving to the site of an existing Amtrak station near Park Circle. But before they can make the move, they'll have to sell the old property.

Well, that beautiful 36.2-acre site is now listed at $7,590,000, in case you happen to be interested. According to a spokesman for the regional transportation agency, a recent appraisal of the property put the value "in line with that total."

The price is important for CARTA, which has sunk $8.4 million into buying and improving the property to date. If they sell the property at the list price, that'll mean they still have to pay back an $810,000 deficit to the Federal Transit Administration, which provided the funding for the original purchase. The FTA has said, however, that it will allow CARTA to transfer up to $4.7 million from the property sale to the new site.

Click here to read more about the tricky financial situation in which CARTA finds itself.

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