The Emerald Park site, which is located at the southwest corner of Dublin Boulevard and Koll Center Drive, is part of the county's surplus land and will be sold to the bank for $1.5 million. The bank will develop a single-story, 6,000-sf facility, including drive-through capabilities, on the land.
The new Bank of America branch will be close to the Koll Dublin Corporate Center site, which already contains three office buildings. Koll purchased and developed 20 acres for the buildings, allowing an option for 12 additional acres lapse in 2001. According to city officials, the Bank of America branch will be developed on part of the remaining 12 acres, which is currently zoned for offices and retail.
At last week's meeting, one supervisor questioned the decision, saying that it might be more profitable for the county to keep the land and lease it out. However, officials argued that the price is more than fair in the current market, in which properties are selling for $1 million per acre.
The profits from all sales of the county's surplus property goes toward the county's "Emerald Fund", meaning that the supervisors will keep only the principal and spend the interest on capital improvements, including a new juvenile hall.
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