Politics & Government
City looks to increase real estate portfolio with acquisition of another Main Street property
The Lehi City Council on Tuesday approved a real estate purchase contract offer of $900,000 or appraised value, whichever is lower, to Faye Torgerson for her commercialbuilding at 55 W Main Street.
The 4,352 sq ft building is currently home to a local church and tax service business and is listed for sale at $975,000.
“The reason we were even interested in looking at this is because it’s along Main Street and adjoins our existing property there. If we were able to pick up this property it would give us about .8 acres. If we ever decided to do any future development in that area it would give us quite a bit of land to do something with,” said Lehi City Economic Development Director Marlin Eldred, who is brokering the deal.
This offer comes just weeks after the City purchased 51 E Main Street to make way for the new City Hall Complex. This new potential purchase on the other side of the road is being purchased without a stated use.
“The goal is to keep the current tenants in the building. If for some reason they vacate, we would open those spaces up for lease in the future,” said Eldred after Mayor Mark Johnson asked if the current tenants knew of the pending sale.
Now City officials will wait to hear if the offer has been accepted, countered or rejected.
