The Cambridge City Council voted to purchase 125 acres of land on the shores of Lake Fannie at Monday's meeting.
According to a news release from the city, the purchase price for the land was $3.6 million, which will be paid for in cash and not using levy dollars.
The city's plan for the land is to create a public park with a swimming beach, a 500-person event space, and trails, among other amenities, and a housing development.
The council subsequently voted to accept a purchase agreement from Centra Homes for the sale of approximately 84 acres, which will enable the construction of about 330 single-family homes.
The release states that the buildout of the proposed park will take some time to develop.
