The City of Houston has approved the sale of a surplus land parcel near George Bush Intercontinental Airport (IAH) to Niazi Family Investments for $225,000. The land, originally acquired by the city in 2005 as part of a noise mitigation program, was determined to be surplus to the city's needs. After canvassing other city departments for interest, the land was offered to an abutting property owner, Niazi Family Investments, who accepted the offer at the appraised value. The transaction includes a deduction of $2,500 for title insurance and closing costs, bringing the total sales proceeds to $222,500. The legal department has reviewed and approved the Purchase and Sale Agreement, and the revenue from this transaction has been included in the city's FY2025 Adopted Budget.
This sale removes surplus city-owned property from municipal responsibility, generating revenue while allowing private development opportunities near IAH. The transaction supports the efficient management of city assets and could facilitate economic growth in the surrounding area.