The site of Mayor Tim Kelly's former car dealership at 900 Riverfront Parkway has sold for $7,250,000.
The mayor has his property in a blind trust, including the site of Kelly Cadilac.
A development group is planning to build a 10-story apartment building at the site.
The complex is set to have 621 apartment units.
The project is also to include a parking garage with space for 907 vehicles.
There will also be 9, 920 square feet of commercial and/or restaurant space.
The project is by Sports Car Garage Company - developer Barry Payne.
The property had been held by Southeastern Trust Co. under the Timothy A. Kelly Trust.