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City council approved disposal of the city-owned property in January to make way for a new grocery store on the southern portion of the property pending future rezoning approvals from community to commercial uses.
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The city also must still approve a severance of the southern three-acre portion of the property from the four-acre northern property slated for residential towers and condominiums.
Holding provisions will be in place to ensure all studies are done on the property to meet municipal requirements before construction begins.