Johnny,
I think what shows today was placed in the 60's or 70's and there is a original facade behind it. Could be wrong....
In terms of the building today, has there ever been an accurate report done on the damage to the building? The reason I ask is the complex has been listed at 600,000 sq feet. A $60M rehab would put the cost per sq foot at $100. That seems really high for me on a project where the structure already stands and where it was used as a commercial property just 12 years ago.
A suggestion would be to make this project fly is offer some tax abatement's and convert the units to condos. I do not know what this project is valued at today but if there is room for 180 units and those units were sold for an
average $150,000 each, that would bring $27 Million to the tax rolls.
Now I read that the formula for Waterfront place is an abatement on everything but the land for 7 years, 75% in year 8, a 50% in year 9 and a 25% in year 10. Even at year 10, collecting 25% of potential taxes on $27Million in property taxes on improved property is more then the city collects on the current property.
If the property were to be developed into 180 units, have those units cover the current tax burden from the city, which would be the equal to paying property taxes on a 20k home per unit. This also does not count the spin off development and improvements that would be made to the area if 180-360 people move and live in this block of Main.
The savings per unit would allow the developer to build in the savings into the price per unit to cover the cost of rehab. The sales pitch would be "sure you are paying more for the unit but your monthly would be the same or less and your monthly out of pocket would go to equity and not taxes"..or something like that.
If something like this was done in 1997, 2 years after the Bon-Ton left, the property would already be on the rolls at full price. The city would have collected the same amount it has in taxes for the last 10 years but missed out on the 180-360 people living on Main and a decades worth of spin off development.
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