The city council voted to buy two adjoining buildings and the purchase will actually save the city money.
The five story Waterfront Office Towers along the Downtown Marina will replace Stockton’s 91-year old City Hall.
The purchase price is just over $13 million, plus another 11 million for added construction.
Stockton Mayor Michael Tubbs says, in the end, it will save the city $4 million over the next 20 years.
“I would thank the council, first of all, for your stewardship in saving money," says Tubbs. "I think it’s unheard of to purchase a major real estate transaction with no debt service.”
City staff estimated that renovating the old city hall would cost around $50 million.
There is no plan to demolish the building, but instead, the city may convert it into a museum or for other public use.
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