SLO is buying $1.4 million downtown house. ‘An extraordinarily rare opportunity’
San Luis Obispo will officially buy a downtown house for nearly $1.4 million — marking an “extraordinarily rare opportunity” for the city as it eyes the future of its core.
On Tuesday, the San Luis Obispo City Council as part of its consent agenda approved purchasing the single-family home at 975 Broad St., adjacent to the History Center of San Luis Obispo County, for $1,387,500.
The three-bedroom, three-bathroom home was put on the market March 20, with a listed price of $1.75 million, but the city’s agent was able to negotiate its price down, according to a city staff report.
The city isn’t usually in the business of purchasing houses, especially those with million-dollar price tags.
But it says the Broad Street property is a rare opportunity.
The property is “uniquely situated as the only residential property specifically noted in Block 10 of the Downtown Concept Plan as a future community-serving space,” the staff report said.
That means it could one day be used for some sort of community space, which according to city spokesperson Whitney Szentesi spans everything from cultural or educational uses to public spaces.
“If the city doesn’t buy it, the property could be sold for private use, which could limit future community benefits,” she told The Tribune in an email ahead of the Tuesday meeting.
“If the city buys it, it will benefit everyone,” she added. “It’s an extraordinarily rare opportunity and would help us reach the community’s goals and objectives, especially as it relates to the Downtown Concept Plan and the Cultural Arts District.”
It’s unclear specifically what the site would be used for, however.
With its prime location right at the edge of downtown, and more specifically right next to the city’s growing Cultural Arts District, it could play a key role in a number of the city’s plans for its core.
The staff report noted the Downtown Plan calls for a potential expansion of the History Center into the adjacent city-owned parking lot on Monterey Street and wrapping around to the 975 Broad St. home.
If it’s not needed for that however, “it may be used for other community-serving use in the Cultural District,” the staff report said.
What happens next for downtown SLO property?
The City Council on Tuesday did not offer any further comment on the property or its plans for it.
Staff recommended that if the city does purchase the property, the City Council should then kick off a community engagement process where it works with stakeholders to “identify a long-term use for the property” in the coming years.
“If the city buys it, we will consult the community about how to best use the space before making any final decisions,” Szentesi said. “This potential purchase is about planning ahead and making sure a key piece of downtown remains an asset for the entire community, not just today, but for generations to come.“
Meanwhile, annual maintenance costs at the property are expected to be “relatively modest, including normal replacement costs, landscape, utilities and waste collection,” while the city decides what it wants to do with the site, the report said.
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