The master developer for the Wheland/U.S. Pipe site has closed on his firm's first purchase at the site.
Officials said, "This was the first purchase that New City Properties (Jim Irwin’s firm) has made on the private side.
"It was executed simultaneously with the closing of the stadium bonds.
"There will be many transactions that will be similar, but this is the first one."
New City Properties acquired property at 2701 Chestnut St., for $4,550,000.
The purchase was from Perimeter Properties, a local group that has held the former foundry property for an extended time.
Work is getting underway on the Southside Stadium, where the Lookouts will play starting in 2026.
This property is adjacent to the stadium site and includes some of the old foundry buildings that will be put to reuse.