HIGH POINT, N.C. (WGHP) — High Point City leaders have bought back property in downtown from a developer they sold the same property to back in 2019.
According to renderings provided by the city, there are four plots of land surrounding the Truist Point Stadium labeled A, C, G and H.
City leaders hired Real Estate Company Elliott Sidewalk Communities LLC., also known as ECS, to develop the three acres of land back in 2019.
Five years later, City Managing Director Jerron Hollis, says the only development was to plot C.
“They were able to successfully build a property at the bedrock with the food hall that is there and office,” Hollis said.
The city originally sold the property to ECS for more than $670,000.
Now, Hollis says the city bought back the land and future development rights for $3 million.
He says the reason for the purchase is because the city and the developer had a conflict of interest.
“Parcel A was owned by Elliot Sidewalk. That was part of this agreement will come back to the city. Parcels G and H were still under the ownership of the city. But as part of this agreement, it gives development rights back to the city exclusively for parcels A, G and H,” Hollis said.