A CVS/pharmacy developer has signed a purchase agreement for lots at the corner of West Front and North Division.

A spokesman for Blarney Castle Oil Co. of Bear Lake told The Ticker yesterday it had executed a purchase agreement with CVS for its property on the high-profile corner.

“We look forward to completion of this very exciting project with CVS, bringing an anchor development to the West Front Street corridor of downtown TC,” Brian McCarthy says.

The block is approximately 1.36 acres and stretches from Division to Maple Street. McCarthy says the developer has also entered into an agreement with two adjacent lot owners: the Shugarts, owners of 618 and 620 W. Front, and the Smiths, owners of 606 and 612 W. Front.

CVS Director of Public Relations Mike DeAngelis confirmed one of its preferred developers, Velmeir Corp., entered into a purchase agreement for the Blarney site but had no comments on the company’s future plans in this area at this time.

In April, the Grand Traverse County Brownfield Redevelopment Authority approved a $15,200 loan to Velmeir Acquisition Services of West Bloomfield to conduct assessments (such as groundwater sampling/analysis) on the five lots.

Union 76 gas station operated the site in the late 1980s. Prior to that, it was a Pure gas station. The property is contaminated and needs to be cleaned up, according to Traverse City Planning Director Russ Soyring.

The developer has 350 days to close on the property, McCarthy says, but he doesn’t expect it’ll take that long, given the company’s enthusiasm about Traverse City.

“They have a lot of due diligence work they need to do, and I don’t expect a groundbreaking anytime soon,” he says. “But we’ve been in constant dialogue with them, and I think it speaks volumes that they’re very excited to be in Traverse City.”

According to McCarthy, the site plan calls for a 13,000-square foot store, 98 parking spaces and a drive-thru. Current C-2 zoning doesn’t allow for a drive-thru at the site. However, a C-3 (Community Center) district would, Soyring says.

McCarthy says CVS is “clearly the best idea” to come along in 20 years, which is how long Blarney has been waiting to sell.

“We’ve taken hundreds of calls and I can’t tell you how many hair-brained ideas have come in! The major holdout was that at least three of the four property owners had to sign off. So, this is first time in 20 years we’ve all been on board. CVS will do a great job.”

Both CVS and Walgreens have eyed the property at different times over the years, Soyring notes.

Ed. Note – As of June 8, 2011, the 606 and 612 W. Front parcels are still available for purchase, according to the Stiremans at Coldwell Banker Schmidt Realtors, who are listing the properties for $550,000 (total package price). 606 is also listed by itself for $350,000. At this time, 612 is not listed separately. At one time, there was an accepted offer on the properties, but that is no longer the case, they say. The Ticker was given incorrect information regarding the sale of the properties and regrets the error.