Council Approves Sale of Two Downtown Buildings

TYLER — The Tyler City Council Wednesday awarded the sale of the Fair Foundation Building (FFB), the Lindsey Building, and the attached vacant lot to the highest bidder, Invest In Tyler, LLC. According to a city news release, the sale of the Fair Foundation Building was advertised in the newspaper for three consecutive weeks and subsequently posted in an online auction with Auctioneer Express. The auction ended on March 18, with a maximum bid of $678,888 given by Invest in Tyler, LLC. Sealed bids for the sale of the Lindsey Building and attached vacant lot were solicited in the newspaper for two consecutive weeks and then opened on March 24. The highest bid was for $888,888.

“The sale of these two buildings is important for the revitalization of Tyler’s downtown area,” said Tyler Mayor Martin Heines. “Additionally, by getting ownership of these properties back into the private sector, they will go back on the tax roll, and benefit the entire community.” The buildings are adjacent to each other on the west side of Broadway between Erwin and Elm Streets.

In 2010, the Fair Foundation/Fair estate donated the FFB, Lindsey Building, and adjacent vacant lot to the city to be used in connection with downtown revitalization. On Jan. 14, 2015, the City Council voted 7-0 in favor of declaring the FFB and Lindsey Building as surplus properties. On Jan. 28, the City Council voted 7-0 in favor of declaring the adjacent vacant lot as surplus property. The FFB has tenants and is currently managed by the city. The Lindsey Building is currently vacant with virtually all interior finishes removed down to concrete floors, steel beams, and brick walls. The vacant lot is paved for parking and also houses utility equipment for the FFB.