Brownsville Building’s Appraisal Found to be Less than $2M Investment
BROWNSVILLE - Brownsville is tied up with a large investment after having spent millions on an old building.
In 2012, the city acquired Casa De Nylon on Adams Street. People said the building represents what downtown Brownsville used to be. The popular store used to sell many types of clothing until it closed down.
The city of Brownsville bought it for $2.3 million more than four years ago. However, the current county tax appraisal on the property was estimated to be $616,000.
In a statement, the city of Brownsville confirmed an independent appraisal determined the value of Casa De Nylon to be $2.3 million.
CHANNEL 5 NEWS wanted to know why the city paid so much.
Realtor Keith Cummins said appraisals are usually less than the going price. He said prices in the downtown area also come at a premium.
“Downtown Brownsville is built out. It’s not practical for someone to try to buy a vacant lot, and try to buy something new,” he said. “They’re going to have to buy from somebody who may have a high opinion of the value of the property.”
Cummins said the place will eventually be renovated.
The city of Brownsville announced its plan to build a new building for their fire department. The new building will be a training facility and administrative office.