The next big business boom for the City of Commerce along Highway 50 has fallen through.
The $1 million sale of the 7.3 acre tract was approved by the A&M System Board of Regents in May 2011. But the discovery period for the sale had been delayed twice.
Assistant Vice President for Business Services Rex Giddens tells the Commerce Journal that the reason for the cancellation of the purchase agreement was failure to obtain a clear title with full surface rights.
Separate three month delays were announced in December and again in March. Giddens had previously stated some of the acreage in the development had the mineral rights retained by past owners when the land was donated or purchased by the university.
Armstrong Development had proposed a fast-food restaurant, retail shop and sit-down restaurant. The cornerstone of their development would most likely have been a CVS Pharmacy, a company for whom Armstrong is a developer.
The university looked to sell the land because it was not part of A&M-Commerce’s long-term plan.
The site was not only anticipated to bring new business to town, but provide more job opportunities to university students.