Burlington, IA – The Burlington City Council has agreed to hire Des Moines-based Terrus Real Estate Group to market and sell a roughly 28-acre lot known as the Manor.
The city spent several million dollars to purchase the properties on the lot and tear them down in the hopes of selling the property to a Minnesota-based developer.
The deal fell through in early 2008, leaving the lot near the intersection of Highway 61 &34 vacant.
Interim City Manager Dan Luttenegger says the one-year contract calls for Terrus to receive a 5% commission on the sale price.
He says the firm would also receive the commission if the property is sold to an entity it contacted within 6 months of the one-year contract expiring.
The city would still like to see the property developed for commercial use, despite the earlier deal falling through.
The listing price for the manor is expected to be just under $2.5-million.
Rezoning
Plans are moving forward for a commercial district in Burlington to be rezoned for industrial use.
Luttenegger says the city council will hold a public hearing, early next month, regarding the area known as the Fairway Center.
The rezoning would allow electronic products to be built on the roughly 26-acre property.
The new owner plans to retro-fit several buildings, demolish others and add a couple of new structures.