City Hoping to Purchase Old Montgomery Ward Building - KiiiTV.com South Texas, Corpus Christi, Coastal Bend

City Hoping to Purchase Old Montgomery Ward Building

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CORPUS CHRISTI (Kiii News) - The City of Corpus Christi is hoping that the purchase of the old Montgomery Ward building will not only help in the revitalization of downtown, but also bring in new tax dollars.

Currently, the building is sitting vacant and unused, and has been that way for a number of years now. It is located in the 500 block of Chaparral Street. The City's Housing Finance Corporation approved buying out the lease of the building for $225,000.

City leaders say that, with the completion of the Chaparral Street Project and the success of the Nueces Lofts and the current construction of the Cosmopolitan high rise, this will make an attractive location for new developers.

"We've already gotten at least two interested parties who have said they are going to take a look at it to do a structural analysis, if its worth renovating or more beneficial to tear it down and start from the ground up," Assistant City Manager Susan Thorpe said.

The closing process on the property should take about 30 days.