Poway poised to buy vacant Chrysler property
The Poway City Council on Tuesday night will be asked to spend $2.8 million in redevelopment funds to purchase the now-vacant Chrysler dealership on Poway Road.
Under a plan to be outlined at the council meeting, the city will take over ownership of the 2.7 acres at 13655 Poway Road, then attempt to negotiate a development agreement with the owner of Toyota of Poway, who has expressed interest in relocating from the other side of Poway Road.
According to a staff report prepared for the meeting, Toyota of Poway proposes to renovate the existing building’s facade and offer auto body and repair services.
However, City Manager Penny Riley said, nothing about the Toyota plan is certain at this point.
“As it stands today, the (Redevelopment) Agency does not have assurances that the Toyota of Poway relocation will occur,” Riley wrote in a staff report. “However, because of the prime location of the parcel, staff recommends that the agency acquire the Chrysler site.”
Riley said the agency will invest the $2.8 million, plus $200,000 for appraisal costs, closing costs, legal and consultant fees and for environmental site analyses. The sale is expected to be approved Tuesday by the automaker’s realty group. Close of escrow, pending the needed approvals, is set for Aug. 11.
A March 2010 appraisal on the property came in at $3.3 million, Riley said.
The relocation of the Toyota dealership, if it happens, would be one of several steps necessary to clear the way for Lowe’s to build a home improvement store on property now occupied by the Toyota and former Chevrolet dealerships. Lowe’s in mid-May submitted a preliminary drawing to the city showing how a 120,000-square-foot store and a fast-food restaurant pad would fit on the 11 acres.
The council meeting begins at 7 p.m. Tuesday in the council chambers on Civic Center Drive.
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