Agency acquires another Hamilton Street home

The Redevelopment Agency earlier this month approved the purchase of another Hamilton Street home as part of projects within the Arts District.

The seven-member body agreed to pay $240,000 for a multi-family home at 324 Hamilton St. Redevelopment Agency Attorney Frank Regan told commissioners at their meeting early this month that the property went on the market a few months ago, put up by a court-appointed receiver.

The agency secured a tentative agreement to purchase the two-story home for $240,000. Regan said the seller initially was asking $265,000.

The agency paid $340,000 last March for another adjacent home. Since the ultimate intention is to buy all three remaining homes on Hamilton Street, between the amphitheater and Bell building, Regan said the agency should pursue a reduced price while it can.

7/11/2010 addendum: The plan is to eventually acquire all of the remaining homes and raze them to accommodate parking for the adjacent arts facilities.