The city of Montgomery has agreed to purchase the former Montgomery Advertiser property on Molton Street near the riverfront for $5.5 million.

Possible uses of the 10-acre plot includes an indoor arena or convention center. The Montgomery City Council approved the purchase during a Monday, Dec. 8, special meeting that lasted about 20 minutes. The land is now owned by Backstage Ventures LLC, city records show. Farpoint Investment Ventures LLC of Chicago will buy the land from Backstage and then sell it to the city. Closing is set for Thursday.

Even if plans are not in place, controlling the land along the river is key for future development, said Anna Buckalew, of the Montgomery Area Chamber of Commerce.

"You have to control your destiny downtown," Buckalew told the council. "You have to

See Full Page