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City proposes land sale to Commonwealth for housing

$347,870.00 (plus $10,000 earnest money and up to three $5,000 closing extensions credited at closing)City of WillistonCOMMONWEALTH REAL ESTATE ACQUISITIONS LLCSeptember 9, 2025

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Description

The City of Williston is asked to approve a Real Estate Purchase Agreement with Commonwealth Real Estate Acquisitions, LLC to sell approximately 211,200 square feet in Williston Square for a multifamily housing project for $347,870. The deal includes LIHTC-contingent closing by June 30, 2026, earnest money deposits, and a development covenant requiring vertical construction within 24 months.

Contract Details

Contract Amount

$347,870.00 (plus $10,000 earnest money and up to three $5,000 closing extensions credited at closing)

Vendor

COMMONWEALTH REAL ESTATE ACQUISITIONS LLC

Agency

City of Williston, ND

Contract Type

OTHER

Document Date

September 9, 2025

Contract Term

Closing no later than the earlier of June 30, 2026 or 15 days after Commonwealth’s notice to proceed; up to three 30‑day closing extensions

Renewal Date

2026-06-30

Renewal Info

Agreement allows up to three 30‑day closing extensions upon $5,000 deposits each; development covenant includes automatic reversion if vertical construction does not commence within 24 months of closing, subject to force majeure tolling up to 180 days.

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