The Austin Port Authority is working to close a deal to buy the former site of The Ville bar with plans to redevelop the site.

Austin Housing and Redevelopment Authority Executive Director Jon Erichson confirmed Port Authority approved the purchase agreement and is waiting for the sale to close.

Erichson said the exterior of the building could be upgraded and the building repurposed for another use, though ideas haven’t been brought forward yet.

“Our goal is redevelopment,” Erichson said. “It’s a great location, close to a lot of things downtown.”

Terms and conditions of the agreement set the acquisition price at $57,500 and the county has valued the property market at $115,900. The current owner is required to provide an empty building.

He said the property owner approached them after unsuccessful attempts to sell the building nor had interest in upgrading the building. The HRA and The Hormel Foundation funds the downtown program for improvements to buildings located in the downtown area.

The sale is expected to close soon, but definitely before July 1, as part of the agreement, Erichson said.