PARKERSBURG - A large and much-discussed property on Fort Boreman Hill has a buyer.
Local developer Pat Minnite Sr. said Wednesday he plans to purchase 175 acres on the hill, between Fort Boreman Park and Interstate 77, from the McDonough Corp., now based in Scottsdale, Ariz.
"We expect to close probably the end of July, first of August," Minnite said. "I think we can make a nice complex there, and with the cracker plant coming, it's a good piece of property to have."
Photo by Jeff Baughan
A 175-acre section of land is shown on Fort Boreman Hill.
Photos by Jeff Baughan
Developer Pat Minnite Sr. said he plans to purchase a 175-acre section of land on Fort Boreman Hill.
Minnite would not disclose the price of the deal. The land he is purchasing has an appraised value of more than $1.2 million, according to Kerri Lincicome, deputy Wood County assessor.
The land has been talked about recently as a potential location for a proposed minor league baseball stadium. And with the potential ethane cracker complex being considered for the Washington area, Parkersburg Mayor Bob Newell has said there is a need for additional housing in the area.
Minnite said the stadium, residential construction, commercial construction or some combination all remain a possibility.
"We're not ruling anything out or anything in yet," he said.
About three-quarters of the land to be purchased is within the city limits of Parkersburg. Newell said he's glad to see someone making use of the property.
"We're excited at the fact that a local developer actually purchased it," he said. "We look forward to working with them on anything we can to help them develop it."
Minnite, whose family owns the PM Company, said the Fort Boreman Hill land would belong to one of his family's entities, but which one has not been finalized.
"It will be controlled by the PM Company," he said.
Minnite, who also owns the Rivers Project across U.S. 50 from the Boreman property, said he's been interested in this latest acquisition for several years.
"Finally, we got together on it," he said. "You just have to buy a property at the right price."
A McDonough representative did not return a call seeking comment Wednesday afternoon.