Syracuse Weighs Land Sale for a New El Matador Restaurant Near Founders Park

The vacant lot on Antelope Drive just south of Founders Park could become the site of a new El Matador restaurant. On Tuesday, Oct. 13, Syracuse leaders will hold public hearings on selling the city-owned land for the project, and the city’s Redevelopment Agency (RDA) will vote on a 10-year property tax rebate for the restaurant.

The details below come from the Oct. 13 RDA meeting packet and the city’s posted City Council and RDA hearing notices. None of it is final until the votes are taken.

What’s being proposed

The parcel is about 1.53 acres on the north side of Antelope Drive, between the Maverik at the CVS Plaza and the Peck Orthodontics building, with Founders Park directly behind it. The hearing notices list it as 1822 W. Antelope Drive, while the packet and survey use about 1862 W. 1700 South. Antelope Drive is 1700 South, so these refer to the same lot.

It would change hands twice. First, the City Council would sell the land to the RDA. Then the RDA would sell it to CT Eatz Holdings LLC, which the agreement says intends to build and run an El Matador restaurant there. Staff say the RDA is in a better position than the city to negotiate economic development incentives, and that is why the land is moving through it.

• Price: $1,096,797, or $16.50 per square foot. A 2020 appraisal valued the lot at $800,000. Staff point to a 2025 appraisal of similar city land at 1700 South and 3000 West that came in at about $16.50 per square foot.
• Parking for the park: The restaurant would build a larger parking lot than it needs and share it with Founders Park. The agreement credits the buyer for about 29 stalls set aside for the city, 25 shared stalls and a public art easement, which brings the net price to $858,647.
• Changes at the park edge: Three large cottonwood trees just north of the lot would come out, and seven new trees would be planted. The plan also includes a new sidewalk between the restaurant and the park. The staff summary describes extending shared parking about 26 feet into the park.
• Tax rebate: The RDA would return 67% of the property tax increment the restaurant generates, after a 5% administrative fee, each year for up to 10 years. Staff estimate the rebate at about $9,200 a year, but the agreement guarantees no amount.
• Deadlines: The buyer would have to start construction within a year of closing. If it doesn’t, the RDA could buy the land back for $858,647. The rebate is paid only if the restaurant opens within two years of closing.

The packet includes a conceptual site plan that shows a 6,500-square-foot El Matador building facing Antelope Drive, with a patio and an outdoor waiting area. The plan is marked as illustrative and subject to change.

Why the city wants it

Staff give two reasons for the sale: more parking for Founders Park, and new sales and property tax from private development. The lot sits inside the Antelope Drive Community Development Area, which the city created in 2016 to encourage retail, office and mixed-use development along this stretch of Antelope Drive.

Staff acknowledge a tradeoff. Park visitors have gotten used to parking on this lot, and the extra parking the city is asking for adds cost for the restaurant. Staff also note the restaurant has been looking at sites in other cities, and they present the rebate as a way to make Syracuse competitive.

The sale is a negotiated deal with no competitive bidding, which the city’s surplus property policy allows for economic development. The staff report says no council member or the mayor has a conflict of interest.

What we don’t know yet

The packet calls El Matador a local restaurant, but it doesn’t say which existing El Matador location, if any, is connected to the buyer. It also gives no opening date, menu or job estimate. The contract sets a Dec. 31, 2026 settlement deadline, and any building would still need city permits and site plan approval.

How to weigh in

The City Council business meeting starts at 6 p.m. Tuesday, Oct. 13, at Syracuse City Hall, 1979 W. 1900 S. The RDA meeting follows immediately afterward. Both bodies will take public comment during their hearings. The RDA agenda also lists a Zoom option and a livestream on the city’s YouTube channel. Agendas can change, so check syracuseut.gov before you go.

We’ll update this story after Tuesday’s votes. For more local coverage, see our Syracuse page, the Founders Park guide and the latest Davis County news.