Here’s a real estate deal for you: Buy 530 acres of land for $1.
The City of Rock Island is on track to take that deal.
A lot of the land could be considered wetlands or swamp at the moment, but about 30-35 acres near the Bally’s Casino is ready to use.
Mayor Mike Thoms says the land would primarily be used for commercial purposes.
City officials think it could be used for a strip mall, gas station or a marijuana dispensary.
“We want to continue to grow in the future,” Thoms said. “You may not see that return on investment today. Maybe not two years from now. Maybe five years, maybe six years. Don’t know. But we need to be prepared and have a plan. And that’s what we got. We’re working the plan. We’re developing the areas. And ready for what comes to our table. “
Riverstone Group offered the deal for the 530 acres. An investigation into the land is needed to know officially how the land can be used.