The Wallace Building in its heyday, shown in a photo from the early 20th century.

SALISBURY — The Salisbury City Council voted to sell the Plaza Building to the Wallace Family on Tuesday with no material changes to the development agreement.

The Wallace Family, who created the company Wallace Building Salisbury in July to serve as the purchasing entity, will buy the building for approximately $2.2 million.

As part of the agreement, the company will also invest a minimum of approximately $7.3 million in “hard costs,” or actual material building improvements. The family, led by Lane Wallace, has stated that it plans to invest over $11 million into the building.

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