The Minneapolis Park and Recreation Board approved the purchase of a sliver of riverfront land Wednesday for just $1,200.
The deal would have cost the board more than 10 times the price just six months ago.
The Park Board tried to buy the tiny piece of land at 1326 Water St. NE from the city of Minneapolis last November for $14,090, but walked away from the deal. Park commissioners instructed staff to work with the city to lower the price, and they followed through. The Park Board saved $12,890, buying the parcel for just 42 cents a square foot, instead of $5 per square foot.
The 2,800-square-foot piece of land will house pedestrian and bicycle trails as part of the East Bank Trail, better connecting Northeast and North Minneapolis. The board expects to begin a six-month construction in May 2016.
However, the board couldn’t get such a good deal on every piece of riverfront property. The Park Board also approved the acquisition of three slender parcels from Burlington Northern Santa Fe railroad, just north of the previous land deal.
The Park Board plans to acquire the 1.3 acres of land at 1601 16th Ave. NE, 1510 Water St. and 1415 Ramsey St. for $206,000, plus a track salvage value of $10,300 and $3,000 in administrative fees. The deal comes to about $3.56 per square foot.
The board expects funding to come Metropolitan Council’s Parks & Trails Opportunity Fund and the Mississippi Watershed Management Organization’s land acquisition grant fund. A purchase agreement for the land has a closing date of May 28.
The land will have the same fate of becoming pieces of the board’s trail network.
The Park Board plans to acquire three other parcels of land in Northeast Minneapolis.