Twenty years ago, the city of Cape Coral had a dream to bring a top-flight university to the community and bought a site to make that happen.

It didn’t, and on Wednesday, the Cape Coral City Council unanimously declared the property known as Academic Village as unusable municipal surplus property not projected to be used for city purposes.

City Manager Rob Hernandez said the city-owned parcel at Del Prado Boulevard North and Kismet Parkway, consisting of about 180 acres, has a best use as a mixed-use development, and wants city staff to begin a competitive process to seek offers for that land.

There is a conservation easement in the center of the property, around 40 acres, that would continue to take effect and allow for passive recreation.

The city purchased the site in 2003 with the hope of creating a campus environment for higher education, a high school or library, Hernandez said.

Other potential projects, such as a swimming complex and the Concourse at Cape Coral, were also considered but did not materialize.

“Despite the best efforts of the city over the years, that plan failed to materialize and the city no longer has a need for that property,” Hernandez said. “We ask the city council to declare the property surplus. There has been a lot of interest in that parcel over the past year.”

Hernandez said those interested in the property are protected by a non-disclosure agreement.

Hernandez said not only price, but “highest and best use” and the development scenario for the property, making it a destination in the Northeast Cape, would be components of any sale.

A call for offers will be made around March 1 and the city will entertain proposals for the next six months.

After finding the best proposal, the plan and contract for sale would be sent to council for approval.

All proceeds would go into the general fund as reserves.

“The city’s desire is for a dynamic mixed-use project with a variety of land uses including light industrial, commercial, retail, office space and perhaps housing,” Hernandez said. “We’re trying to get the highest quality development there.”

As for the potential for higher learning, Hernandez said the city is in discussions with public and private universities to establish a branch in the city or a satellite.

FGCU said the Estero campus is close enough to Cape Coral where students can commute, and Florida Southwest is right down the street.

“When we bought the property, we were looking to host FGCU and they chose to go to Estero. We no longer need all that land for that reason,” Hernandez said. “We’ve talked with state universities and because of territorial restrictions they aren’t interested in developing a full campus.”