A proposal to build Home Depot store in San Juan Capistrano, Calif., has hit a setback after protracted negotiations over the price of the city-owned land, according to an article in Orange County Register.
City Council members voted last October to enter exclusive talks with the Atlanta home improvement retailer for the 16.4-acre parcel. Home Depot wants to buy the land for $9 million, according to the news report. But the city, which has done wetlands restoration and made other improvements, has been unwilling to settle on a price.
Local retailers like DeNault’s True Value and Vista Paint are also opposed to Home Depot moving into the area with a 107,000 sq. ft. store and 34,000 sq. ft. garden center, saying it would draw customers away from local businesses.
On May 20, the city council, acting as the community redevelopment agency, voted unanimously to get the land appraised and explore other options, which include reviewing offers from other developers.