Richardson buys Continental Inn for Spring Valley redevelopment
July 31, 2012
By Matt Joyce | Staff Writer
Dallas Business Journal
The City of Richardson finalized the purchase of the Continental Inn on Central Expressway on Tuesday as part of the city’s plan to redevelop the West Spring Valley corridor.
The city paid $1.5 million for the hotel property at 758 S. Central Expwy., which was previously owned by Baldez and Chandrika Patel, a city spokesman said. The city also bought the adjacent .339-acre property — 750 S. Central Expwy. — for $700,000 from Duckwin LLC, the spokesman said.
The city has already begun demolishing the hotel, which will make way for retail development.
“This purchase will help us get closer to realizing redevelopment goals we have for the Spring Valley Corridor,” Richardson Mayor Bob Townsend said. “Our studies have shown the area is perfectly located to attract destination retail opportunities, and we are working towards creating catalyst projects to attract new development.”
Richardson identified the 197-acre West Spring Valley corridor as a redevelopment area in its 2009 comprehensive plan.
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