The city of Manhattan Beach is in the process of purchasing the former U.S. Bank site in the heart of downtown, city staff announced on Wednesday. The location will be used for a yet-to-be-defined community-centric purpose.

The sale of the property at 400 Manhattan Beach Boulevard. is expected to close on April 15.

According to a statement from the city, the Manhattan Beach City Council authorized staff to pursue purchase of the property while in closed session. The council is preparing to further discuss the purchase at its regular April 1 meeting. 

Furthermore, the City Council and staff are planning to hold a community engagement session in the coming months to gather input from the public and share preliminary options regarding the property’s potential uses prior to council consideration.

“We are not just purchasing land; we are investing in the future of Manhattan Beach, creating a public benefit and opportunities that will serve our community for generations to come,” said Mayor Amy Howorth in a statement.

The building sits at the corner of Manhattan Beach Blvd. and Morningside Drive in downtown Manhattan Beach, adjacent to the Vons and across the street from multiple businesses and Metlox Plaza. The current structure is 5,431 square feet and the lot size is just over 1/4 acre (11,343 square feet).

There are currently parking spots both in front of and in back of the building. For a brief period over last summer, the city had partnered with U.S. Bank to offer two-hour parking time slots in the back lot on weekday evenings and on weekends.

The city's statement indicated that the site would provide an opportunity for "targeted development" that would "enable the creation of public spaces, potential community facilities, or amenities that directly serve residents’ needs." The site would potentially generate new revenue streams, according to the statement, representing a long-term value investment.

“The purchase of this property would allow Manhattan Beach to thoughtfully balance economic growth through the creation of sustainable revenue-generating development with the preservation of our community-centered coastal character,” said City Manager Talyn Mirzakhanian.