Developer Roger Landry formally agreed to purchase the Sears property from the city.

Landry informed Lake Charles officials Monday, the last day the purchase agreement between he and the city was valid, of his intentions to proceed to closing.

Landry was granted an extra 30 days in January in order for the property to clear an environmental inspection from the U.S. Department of Housing and Urban Development.

Landry is paying $1.06 million for the 3.5 acres of land, located at 600 Ryan St., on which he will build a mixed residential and business facility.

Landry’s $20 million development plans include 170-plus residential units and 22,000 square feet business space.

Landry was one of three developers the city considered to purchase the property.

Landry’s final bid was the highest of the three. City Hall officials said the property was appraised for $815,000.

The city had an ordinance in place to negotiate with another developer if the deal with Landry fell through.

The old Sears building was demolished in 2008.

Rendering of developer Roger Landry’s plan for a residential and retail facility that would be home to 166 luxury apartments and 22