SPRINGDALE -- The city's Public Facilities Board on Tuesday voted unanimously to sell more industrial property in Springdale.
Cypress Cold Storage of Maumelle will pay $385,000, or $70,000 an acre, for 5.5 acres on Angell Drive in Springdale.
The company plans to use the property as a staging site and parking lot for refrigerated trucks, said Scott Edmondson, vice president for economic development at the Springdale Chamber of Commerce.
The Public Facilities Board is an arm of city government managing industrial land. The board contracts with the Springdale Chamber of Commerce for administrative duties.
The property on Angell Drive sits just south of 11.6 acres Cypress purchased from the board in April 2021. The board sold the property for $696,000, or $60,000 an acre.
Edmondson said the price increase for acreage is following the increased market value of the land.
Both Cypress properties are just east of the Newly Wed Foods plant on Old Missouri Road.
Edmondson said in early conversations officials of Cypress planned to build a cold storage facility of about 200,000 square feet for 50 employees. He expects plans for the building to go before the Planning Commission for approval in October.
Michael McAffee with Cypress declined to comment Tuesday, saying company officials agreed to let the Arkansas Economic Development Commission make an announcement about the company's plans in a few weeks.
The commission didn't return a phone call or email Tuesday afternoon.
Cypress in April 2021 completed a $13 million expansion to a property in Maumelle, which created 30 jobs.
The Public Facilities Board last month sold 2.1 acres in its Turnbow Avenue industrial park. The board accepted an offer of $147,000 from PM Industries, which owns the adjacent lot and plans to expand its electroplating business.