Belmont finalized the sale of the 8-acre city-owned Bishop Road property for a little more than $2 million yesterday with an arrangement to dedicate six of the acres back to the city as open space that will be open to the public.
The Belmont City Council authorized the purchase of 87 vacant parcels, comprising approximately 35 acres, back in December 2009.
The land was offered at auction by the U.S. Marshals Service and was acquired by the city for about $1.5 million.
“This sale represents a significant milestone for the preservation of open space in the San Juan Hills Area,” said City Manager Greg Scoles.
The new property owners, Shikui Chen and Jie Yan, have indicated they will be moving quickly to process a parcel map which will then create three single-family residential lots on 2 acres and the required open space dedication, according to city staff.
The property can be seen at www.bishoproadland.com and www.belmontland4sale.com. An aerial video of the property can be viewed at www.belmontland4sale.com/videotour.html.