VIRGINIA BEACH, Va. (AP) - Environmental groups and the city of Virginia Beach plan to buy the city'slast major tract of undeveloped land along the Lynnhaven River.
Under a preliminary $13 million deal, The Trust for Public Landwould buy the 122 acres from Wells Fargo Bank, which has takencontrol of the controversial Indigo Dunes property. Local firm L.M.Sandler & Sons had planned to build more than 1,000 homes inthe area, but the company has struggled through the housingmarket's collapse.
Virginia Beach would contribute $5 million, and the Chesapeake Bay Foundation would buy 20 acresfor about $1 million.
The trust has until Oct. 31 to finalize the deal and ensure thatit has the $13 million for the purchase. City officials hope toclose on the property by year's end.
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