The city of Apache Junction has purchased 10 acres in the downtown area, including property that previously contained the Grand Hotel at the northeast corner of West Apache Trail and North Apache Trail.

The City Council on Feb. 20 voted 6-0 to approve the purchase and sale agreement for approximately 10.64 gross acres.

City staff negotiated the $2,940,300 purchase and sale agreement between the city and Golden Triangle QOZB LLC, Economic Development Director Patrick Ainsworth wrote in a memo to the council.

“This is a monumental day for the city of Apache Junction as this marks the first time the city has purchased land to assist with commercial development in the downtown district,” Ainsworth said in a release. “City representatives have been working for months to get to this closing and we will be working even harder in the coming months to find interested parties to bring desired uses to this site and to our community.”

The land purchase not only provides an opportunity to ensure the property is developed in line with the goals of the city’s ongoing downtown revitalization master plan, but also is a means of generating new business for the city through its established “Opportunity Zone,” which provides an incentive for developers to bring projects to this designated area, the release states.

“Throughout the years, our residents and City Council have expressed a clear desire to maintain control over the use of this historic piece of our city,” Mayor Chip Wilson said in the release. “Taking the initiative to secure this land purchase is truly history in the making, and a proud demonstration of our commitment to fulfilling the vision of those we serve in our community.”

The property was purchased utilizing money from the city’s general fund. As the new property owners, city representatives can now embark on next steps to actively attract business to the area, which may include restaurants, retail, hospitality and entertainment uses, the release states.

In addition, city officials will update the Downtown Revitalization Master Plan, which is to include an opportunity for ongoing public input via an upcoming open house. Details on the date and time of that event will be shared when available, but will include a presentation of initial recommendations and conceptual plans for feedback prior to finalization.

For the most current updates on the downtown master plan, go to www.apachejunctionaz.gov.