The property, which is near the old Eastland Mall, could save money and spur economic development in the area.
"I honestly think we have 80 acres of prime land here that will really bring someone out, and there's some money floating around," said Nancy Carter, Charlotte city councilwoman for District 5.
She said the agreement to purchase the 1.4 acres of land shows developers that the city has a vested interest in growth in east Charlotte.
Eyewitness News asked a Charlotte Area Transit System spokeswoman about the $800,000 purchase agreement, which the city approved payment on this month. The city called it fair market value, even though the owner, Boxer Property, paid much less for it.
"They bought that as a result of foreclosure," said CATS spokeswoman Tina Votaw.
Eyewitness News asked if the purchase could also help during the Democratic National Convention. DNC leaders have talked about moving the uptown transit center for security reasons.
"I don't know. Let's see what happens," said Carter, who also sits on the DNC Host Committee.