Liscotti Development Corp. has 90 days to decide if it will purchase 2.35 acres from Alexander City.
The Alexander City City Council approved a purchase agreement at a meeting Monday where the property would pass to the Lake Martin Area Industrial Development Authority and then to Lisciotti. The property transfer was on the agenda a week ago for the council but the final contract had not yet been finalized. City attorney Larkin Radney explained the contract went through several changes.
“We revised this contract about three times,” Radney told the council. “They have a 90 day inspection period before the transfer closes.”
The property to be conveyed is part of 4.11 acres adjacent to Recreation Drive and fronts U.S. Highway 280 and Jim Nabors Drive owned by the city and was purchased with the municipal complex two years ago. The transfer would leave the city 1.76 acres on U.S. Highway 280 Community development director Al Jones said at last week’s council meeting the contract would limit certain types of business from coming to the remaining 1.76 acres.
Liscotti is a real estate development company located in New Jersey. On its website it highlights projects with Best Buy, Tractor Supply Company, Target, Dicks Sporting Goods, Chilis, Dollar General, Starbucks, Dollar Tree, Bed Bath & Beyond, Noodles Company, TGI Fridays, Olive Garden, Five Guys, Kohls, CVS, Sherwin Williams, Kentucky Fried Chicken and Chick-fil-A.
The council made no mention of which business was interested in the lot and Jones said the executive sessions were held because the “retailer could pull out if the name was made public.”