The long-vacant Quality Catering property at Pearl and Whitney roads is in foreclosure and scheduled to be sold at sheriff's sale Dec. 24.
The two parcels at 9192 Pearl Rd. are listed at $424,000. Minimum bid is $282,667.
"I think we're finally going to have some activity there," Economic Development Director Brent Painter said.
Developers have made two serious bids for the property in recent years, but neither plan got off the ground.
Sheetz wanted to build a gas station on the site, but the project fizzled after objections from residents.
The company has since unveiled plans to build across the street, along with an O'Charley's restaurant.
Earlier this year, Discount Tire sought to build on the corner parcel, but city officials expressed some concerns about the plan, which would have used only part of the parcels and left the former Quality Catering building standing.
The Arizona-based tire company never submitted formal plans.
Painter said the corner lot is zoned for general business, while the Quality Catering site is zoned restaurant-recreational services.
Court records show the property has been involved in foreclosure and other legal action since at least 2007.
Painter said that while the sheriff's sale is scheduled for Dec. 24, it could still be withdrawn from the sale by a court order.