After years of negotiations, Phenix City has acquired nearly four acres of riverfront property from the Phenix City Housing Authority.
But the city won't own it for long. The real estate — which is commonly referred to as the triangle — had been part Riverview Courts Apartments.
The city bought the land and 13 buildings last week for $2.965 million, council member John Storey said Wednesday. The property will eventually wind up in the hands of Troy University, which plans to build a six-story academic building on the site.
The first step to give the property to Troy was taken this week when Phenix City Council voted 4-0 to declare the newly acquired land surplus. Before the property can go to Troy, it must first be transferred to Downtown Redevelopment Authority.
Troy will be responsible for demolition and construction, said Vice Chancellor Curtis Pitts.
Phenix City Mayor Jeff Hardin was out of town and could not be reached for comment. City Manager Bubba Roberts referred all questions about the purchase of the property to Hardin.