Converse Avenue Carlson Street Apartments Lease

At a glance

What: Lease between the City and First & Union Apartments LP for 8.37 acres at the northwest corner of Converse Avenue and Carlson Street (revenue to the City; resolution 8386).
Where it stands: Approved 8-1 on 2026-07-13 at $4,521.64 per month for a 50-year term, as amended by a substitute dated July 9, 2026.

Esquibel moved approval at $4,521.64 per month for 50 years, seconded by Wolfe. He then moved to amend by the July 9 substitute, seconded by Segrave; the substitute carried 9-0. The main motion as amended carried with Moody voting no.
Charles Miller spoke. The minutes do not describe what the substitute changed.
Earlier steps: 2026-06-08, the City approved a real estate purchase agreement with KT Land Holdings LLC for 8.37 acres at Lot 1, Block 1, Scenic Development 8th Filing (agreement 8363). White moved approval at not more than $2,645,000.00, seconded by Aldrich; carried 8-1 (Moody no). Charles Miller spoke (White raised a point of order that the comments were off subject); Aldrich, Mayor Collins and Emmons commented. The minutes do not state whether this is the same 8.37-acre parcel later leased to First & Union Apartments LP.
2026-06-22: the lease with First & Union Apartments LP for 8.37 acres at the northwest corner of Converse Avenue and Carlson Street was introduced on the consent agenda and referred to the Finance Committee. See also Affordable Housing Donation Acceptance.

Substitute adopted, lease approved 8-1.

Lease introduced; referred to the Finance Committee.

Purchase of 8.37 acres from KT Land Holdings LLC approved 8-1 at up to $2,645,000.00.