Syracuse leaders were scheduled to hold public hearings on Oct. 13 regarding the sale of city-owned land for a proposed El Matador restaurant, according to an Oct. 12 report.
The proposal involves selling a 1.53-acre lot on the north side of Antelope Drive, located between a Maverik at the CVS Plaza and the Peck Orthodontics building, directly behind Founders Park.
The land sale involves a two-step process where the City Council would sell the property to the Redevelopment Agency (RDA), which would then sell it to CT Eatz Holdings LLC. The RDA is utilizing this method because staff stated it is in a better position than the city to negotiate economic development incentives.
The sale price is set at $1,096,797, or approximately $16.50 per square foot. This figure follows a 2020 appraisal that valued the lot at $800,000, though staff noted a 2025 appraisal of similar city land at 1700 South and 3000 West reached a similar price per square foot.
Under the proposed agreement, the restaurant would construct a larger parking lot than required to share with Founders Park. This arrangement credits the buyer for 29 stalls set aside for the city and 25 shared stalls, bringing the net price to $858,647.
The RDA would return 67% of the annual property tax increment generated by the restaurant to the agency for up to 10 years, following a 5% administrative fee. While staff estimated the rebate at roughly $9,200 annually, the agreement guarantees no specific amount.
To qualify for the rebate, the restaurant must open within two years of closing. Additionally, the buyer must begin construction within one year of closing, or the RDA retains the right to buy the land back for $858,647.
The project aims to increase sales and property tax revenue through private development while providing more parking for Founders Park. The site is located within the Antelope Drive Community Development Area, established in 2016 to encourage retail, office, and mixed-use development.
A conceptual site plan for the 6,500-square-foot building includes a patio and an outdoor waiting area facing Antelope Drive. The plan also involves removing three cottonwood trees to accommodate a new sidewalk and extending shared parking about 26 feet into the park.
The City Council meeting was scheduled for 6 p.m. on Oct. 13 at Syracuse City Hall, 1979 W. 1900 S., with the RDA meeting to follow immediately. The RDA agenda included a Zoom option and a livestream on the city’s YouTube channel.
