Thursday, February 17, 2005
San Jose buys land to expand airport
The San Jose (CA) Business Journal
The city of San Jose has agreed to pay over $1 million per acre for a 52 acre parcel of land adjacent to the Norman Y. Mineta San Jose International Airport. The seller is FMC Corp. (NYSE: FMC), of Philadelphia, which had used the site for its military vehicle manufacturing operations, until it sold that unit to the Carlyle Group in 1997. The sales price for the land is $56.2 million.
An additional 23 acres are under contract to be sold to the city for $25.3 million.
The city initially plans to use the property for expansion at the airport.