City Rethinking Fate of Property Sought by Home Depot

Hoping to unload a vacant lot described as an "albatross around [the city's] neck," San Juan officials agreed Tuesday to have the property appraised and solicit new bids, including from longtime suitor Home Depot.

Acting in their capacity as directors of San Juan's Redevelopment Agency, City Council members said Lower Rosan Ranch—the publicly owned empty lot north of Stonehill Drive—needs to be sold off sooner rather than later. The parcel has sat empty since the Redevelopment Agency abandoned plans to use it as the city's maintenance yard in 1995.

Agency chairwoman  called the property an "albatross around our neck."

Home Depot has twice expressed interest in buying and building on the land, most recently last fall, but has yet .

"We did come to a stumbling block with Home Depot on the purchase price that’s necessitated our desire to go out for a firm appraisal," said director . "We need to get the three best offers and do a full vetting of it with the public, see which one has the most support, and sell the property or lease it."

Since Home Depot's last offer, the city has also received tentative interest from buyers hoping to build a storage rental facility and low-income housing.

The prior City Council—which serves as the board of directors for the Redevelopment Agency—had asked staffers to enter into an "exclusive right to negotiate" contract with Home Depot, but that contract hinged on having a purchase price.

In 2003, the agency turned down Home Depot's first offer in response to a survey showing a majority of San Juan residents opposed having the hardware retailer build in town.

Director said Tuesday night he would entertain a plethora of ideas about how to use the property in a way that would generate revenue for the city, but he would never accept an offer from Home Depot.

"I don’t want to leave the dais and see this issue still here," he said.

San Juan's chief financial officer, Cindy Russell, said the appraisal would cost between $7,000 and $12,000. The appraisal is needed to sell the property, she said.