• August 21, 2014

Cove EDC agrees to sell 8.2 acres for $493K

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Posted: Friday, December 20, 2013 4:30 am

COPPERAS COVE — The Copperas Cove Economic Development Corporation agreed Thursday to sell 8.2 acres on Constitution Drive for $493,000 for a future apartment complex.

After discussing the proposed real estate transaction

in a closed meeting, the corporation approved the sale of the property to Emanuel H. Glockzin Jr., who developed Constitution Court.

The property, which is south of Constitution Court, is planned to become an apartment complex, said Dan Yancey, Cove EDC board president.

The owner is projecting 72 units to be located on the site, said Polo Enriquez, Cove EDC executive director.

The Constitution Court Apartments were constructed in 2009 with a $4 million grant from the state to set aside a number of units for low-income housing.

There are 108 units in the current complex, 45 of which are allocated for low-income families.

The Cove EDC also paid the Copperas Cove Industrial Foundation $220,000 for installing infrastructure to

the Business and Professional Park on Constitution Drive.

The funds were the final payment of a performance agreement the corporation had with the foundation.

The agreement was made in July 2012.

As part of the agreement, the Cove EDC sold 6.345 acres of land valued at $440,000 to the foundation.

The corporation would then use the proceeds from the sale to reimburse the foundation for infrastructure improvements it made to the property.

Copperas Cove Business and Professional Park, a 23-acre development, was completed, and portions of the property are ready for sale, Enriquez said.

“There are at least two contracts, to my knowledge, pending the sale of property,” he said.

The industrial foundation is planning to locate medical offices and other professional services at the site.

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