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PHOENIX-City leaders have acquired 3.9 acres near the northeast corner of 67th Street and Lower Buckeye Road for a new library. The city paid $1.2 million to Eastbourne Investments Ltd. for the land.

The acreage is part of a larger, eight-acre site that Eastbourne Investments Ltd. purchased 2.5 years ago, says Frank Egan, president of the Williamsville, NY-based investment group. The firm currently has an additional two acres under contract to a national drugstore chain.

“We always intended to parcel it off,” Egan says. “We set aside the hard corner for drug store use and the off-corner pad was a good fit for the city.” Randy Titzck of Hogan & Associates brokered the land sale.

Egan tells GlobeSt.com that Eastbourne and the city of Phoenix negotiated the deal more than a year ago, but getting it closed was a lengthy process because it required public hearings and funding. Project details weren’t available.

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