Today, the Amarillo City Council approved a $4 million land purchase made by the Amarillo Economic Development Corporation (Amarillo EDC). This ratification follows the approval of the Amarillo EDC Board of Directors meeting on July 20, 2020. The purchase is for 37.6 acres of property in the Point West Development located at Point West Parkway and Evans Drive.
“We believe the addition of this property will position Amarillo with the ability to capitalize on the land’s proximity to the Texas Tech Medical, Pharmacy, and Veterinary schools,” Kevin Carter, President & CEO of the Amarillo EDC stated. “The land will be prime real estate for the attraction of a variety of health or medical related businesses and research and development opportunities,” Carter said.
The purchase price equates to $2.44 per square foot or $106,383 per acre. The property was appraised for $8 million by SMS Appraisal Services in Lubbock, Texas.
“We’re really excited for the potential that this property has in future business attraction,” said Michael Kitten, Vice President of Project Development at the Amarillo EDC. “The addition of this land will serve as another enticing factor for relocating businesses who are considering choosing Amarillo as their next home,” Kitten said.