(Seguin) — The Seguin City Council tonight will consider purchasing the Wells Fargo building in downtown Seguin. The building, located at 101 E. Nolte St. has been on the market for a couple of months. The city recently completed its Downtown Master Plan, and the study identified the Wells Fargo building as a key component to creating a more vibrant downtown.
Staff is proposing that the city council approve the purchase of the building to better control the redevelopment of that space. The idea is that the city’s ownership will help to bring the highest and best economic value to the downtown area. They say with the right vision, the building could bring additional retail, restaurant and commercial opportunities to downtown.
If the agreement is approved tonight, it would include a due dilligence period, which would allow the city to perform an economic analysis of the potential uses of the building. Staff is recommending that the city hire Douglas Architects, which helped New Braunfels Utilities with the redevelopment of its corporate headquarters, which will become the Mainzer hotel, which includes restaurant and bar space.
The city would also be seeking a partnership with a high-end developer, who would work with the city to create a vision for the building and then help the city bring that vision to fruition.
The proposed purchase price is $2.5 million for the building and the surround property, which covers a full city block, which is bordered by Nolte, Austin, Washington and River streets.
The special council meeting and budget workshop gets underway at 5:30 p.m. today at Seguin City Hall.