A city-owned Takhini North lot zoned multi-family has fetched a bid of $1.31 million – or $498,000 higher than the minimum asking price.

The partnership of Northern Sustainable Development and Evergreen Homes and Construction submitted the bid before Friday's deadline.

The only other bid was received from Karaway Homes, which offered $963.150 for the land.

The 1.6-hectare parcel is located behind Takhini Elementary School, across from the broomball rink on Normandy Road North.

The partnership has 90 days to provide the full purchase price, and was required to post a deposit worth 10 per cent of its bid.

There are no restrictions regarding the type of housing to be provided. The building, however, must meet the city's new energy efficiency standards, landscaping requirements and other development parameters such as adequate parking.

The successful bidders could not be reached for comment this morning.

Pat Ross, the city's land development supervisor, said the buyers are free to go with whatever multi-family development they deem appropriate. They've not yet, however, indicated to the city what type of project they're planning.

"I talked to one of the developers on Friday and they were excited because it is a big enough chunk of land that gives them some options on how they work it,” he said.

Ross pointed out restrictions include a maximum height of 15 metres, and a maximum of 10 units per building.

The buyers, however, could go with row housing, or multi-storey, high-end condos, he said.

Ross noted the new development just across the street involves the construction of 12 townhouses on a lot one-third the size of the land in question.

Figures showing how much the city has invested in the property and street improvements and how profit it stands to make on the sale, were unavailable this morning.

The minimum price of $833,000 was established by the appraised market value, Ross explained.