MONTGOMERY, AL (WSFA) - The city of Montgomery made a large purchase Friday. Mayor Todd Strange announced an agreement to purchase the building located at One Court Square.
The mayor said the possibility of acquiring the prime real estate only presented itself a couple months ago. The now defunct Colonial Bank used to own the One Court Square building, which is located at the bottom of Dexter Avenue in front of the Court Square Fountain and roundabout.
When Colonial went bankrupt the FDIC took control of the property, and the city of Montgomery made a bid to buy it.
Mayor Strange announced that the city won that bid, for approximately $3 million, and says it's the key to the next phase of Montgomery's downtown development.
"That location was identified as the most significant piece of downtown Montgomery," Strange said, "...So to be able to control our strategic future and marry that with lower Dexter Avenue is very important."
The city won't actually close the deal until October, and there's still a lot of uncertainty as to how the building will be used. Mayor Strange says city leaders will take the next 30 days to do some research before making any decisions.