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CONCORD – An offer has been made on the old City Hall Annex building, at 66 Union Street South, across from the Historic Courthouse in downtown Concord.

The process is in the 10-day upset bid period, which will end at 5 p.m. on Aug. 21. That timeframe gives another party 10 days to make a higher offer.

Justin Mueller, with Sherwood Development Group, said he plans on renovating the three-floor building and used it for Class A office, conference rooms, retail shops and lease the basement to the City of Concord for non-profit organizations.

Sherwood Development offered to buy the building at $470,000 and invest an additional $680,000 for renovations.

Some of the renovation projects include fixing the elevator, adding a balcony, painting and a new store-front window and a mural that embraces Concord’s history.

“My goal with the building really is to get a small retail user on the front because I am going to put in new store front windows, doors, paint it, put a balcony on it and kind of pretty it up so it blends in better with downtown Concord and its history,” Mueller said.

Mueller owns the building at 57 Union Street South and the downtown building at 810 Cabarrus Avenue, which is in the works of becoming Cabarrus Tavern.

The proposed agreement includes the city to leasing the basement at 66 Union Street up front at $331,200 for non-profit groups, which would cover 10 years of rent.

Employees and visitors will also have close access to the new county parking deck.

“One of the biggest things for real estate developers is parking and before there was no parking in the area. You only have five spaces in the back,” Mueller said. “How in the world would you ever attract anybody as an office user with no parking?”

The purchase hasn’t been approved yet.

City council can reject any and all bids.

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