Long vacant, the former Buffalo Forge property along the eastern edge of downtown Buffalo is poised to find new life.

The Buffalo Urban Development Corp.’s directors Tuesday unanimously agreed to purchase from Howden Fan the 12.5-acre parcel that cuts along Broadway and on to such side streets as Mortimer Street and Spring Street. The BUDC directors approved paying up to $20,000 an acre for the land, making the entire transaction worth about $246,000.

The deal is expected to close within 90 days following a due diligence period.

The deal covers seven properties that at one time housed the Buffalo Forge plant, which manufactured everything from industrial steel products to backyard grills. The plant has been empty for more than three decades.

Much of the property has already been demolished and remediated, making it shovel-ready, officials said.

The property has been eyed for a number of potential uses — mostly residential — in recent years, but none ever left the initial drawing board or planning stages.

“It is an excellent site,” Dennis Penman, BUDC vice chairman and M.J. Peterson Real Estate Corp. executive vice president. “There’s good infrastructure on all four sides.”

Penman said given the growth and interest in downtown real estate, it wouldn’t surprise him to see more commercial-based projects emerge for the property rather than residential initiatives.

The Buffalo Urban Development Corp. is expected to issue development RFPs for the parcels once the deal closes.