City of College Station puts taxpayers on hook for mall redevelopment

27,328 Views | 151 Replies | Last: 1 yr ago by woodiewood1
RafterAg223
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AG
Realestategod said:

The City can also develop the pad sites there.


And eat up the parking required for the box? Multiple pad development is only possible if they get rid of the box and devote all required parking to the pads. Or they could just butcher the entire site and grant cross parking across the entire tract. Either way, there is a reason CBL could only carve out the 2 restaurant pads that exist now.
woodiewood1
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Cities, counties and states should not ever be involved in purchasing private property unless the need exists to obtain it for current or projected use in supplying public services.

Also, there is never a justification for the purchase of property or stealing property under the disguise of eminent domain and then giving or selling to another private entity.

We as voters and taxpayers have allowed government to do just whatever they want to do and we sit in our homes like timid sheep....myself included.

birdman
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Realestategod said:


The City made out like bandits on this. The Albertsons box on University, the very best sales comparable for this location, sold for over $100 dollars per square foot. It is 83,000 square feet. The Macy's sold for $73 per square foot. Comparable mall boxes like this around The State of Texas sell in the $70 to $90 per square foot range.

Quit crying and be happy this is adding value to all of the real estate around the City. Everyone, including the mall owner CBL, did well with this range of transactions.


Made out like bandits?

They haven't sold anything. When they get inked contract and cash, then we can reevaluate the deal.

I still don't the city buying private property, but to gloat about this deal now is absurd.
ratfacemcdougal
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RafterAg223 said:

Realestategod said:

The City can also develop the pad sites there.


And eat up the parking required for the box? Multiple pad development is only possible if they get rid of the box and devote all required parking to the pads. Or they could just butcher the entire site and grant cross parking across the entire tract. Either way, there is a reason CBL could only carve out the 2 restaurant pads that exist now.
Yeah...interest in being there. If someone wanted to build there, it would happen...dutch bros, mc donalds...anybody. Actually it would be a great pad site for a chic fil a....plenty of room to get all the cars off the road. There is more parking available than will ever be needed again. (famous last words, hopefully)
cavscout96
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AG
birdman said:

Realestategod said:


The City made out like bandits on this. The Albertsons box on University, the very best sales comparable for this location, sold for over $100 dollars per square foot. It is 83,000 square feet. The Macy's sold for $73 per square foot. Comparable mall boxes like this around The State of Texas sell in the $70 to $90 per square foot range.

Quit crying and be happy this is adding value to all of the real estate around the City. Everyone, including the mall owner CBL, did well with this range of transactions.


Made out like bandits?

They haven't sold anything. When they get inked contract and cash, then we can reevaluate the deal.

I still don't the city buying private property, but to gloat about this deal now is absurd.


A&M won't buy it. It will be a lease, so still no tax revenue. They'll get the rental income, but it will take a lot of it to get to 7M + the lost tax revenue which rolls every year.

Boondoggle any way you slice it. Not sure how these grifters continue to get re-elected.
George Costanza
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Until we support better candidates by putting out their signs, donating money to their campaigns, voting for them, block walking for them, getting our friends and neighbors out to vote for them ….
PS3D
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RafterAg223 said:

Either way, there is a reason CBL could only carve out the 2 restaurant pads that exist now.


The Macy's building also includes the parking around it. I believe in the case of the two restaurant pads, it was Sears that carved them out of their section.
Realestategod
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PS3D said:

RafterAg223 said:

Either way, there is a reason CBL could only carve out the 2 restaurant pads that exist now.


The Macy's building also includes the parking around it. I believe in the case of the two restaurant pads, it was Sears that carved them out of their section.
Also allows for cross parking with the entire mall for calculation of the parking ratio.

The above CBL comment is moot.
VAXMaster
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AG
Quote:


CBL sold it for way below market price.

The City bought it for less than market price.

Very simple answer to your question.





I don't understand this at all. Are you saying CBL is ignorant of market value and made a stupid deal, or was there some motivation on their part to sell the property for millions of dollars below market?

Secondly, the market price is by definition set by the sale, so since the city outbid several private entities, isn't the true market value the highest bid amongst the private bidders? Government intervention with taxpayer money distorted the market since they paid more than it was worth to any private entity at the time.

What am I missing?
woodiewood1
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PS3D said:

maroon barchetta said:

rsa said:

Captn_Ag05 said:

The latest on the Macy's development from the mayor on WTAW (it starts around 2:40 mark). One thing that was said in passing by the host was that the city is also looking at purchasing an apartment complex across from the mall. Has anyone heard any information on this? Which complex? The Ivy? Grand 1501?

https://wtaw.com/college-station-mayor-karl-mooney-on-wtaw-94/


An apartment complex? The mind reels at the myriad possibilities of what kind of boondoggle the city would make of that.


The Ivy and The Pearl are frequent flyers on the police scanner. It will surely be one of those.

Crompton can have them bulldozed so he can plant a microforest (I just invented that word and retain all rights!).


The Grand 1501/The Ivy (both part of the original sprawling Plantation Oaks Apartments) are across from the mall. If they wanted to bulldoze crummy apartments that are falling apart, they could start with Riverwalk Apartments at Southwood/Valley View.
The first phases of the Grand and Ivy will be 50 years old next year. They are somewhat run down, but still amazing condition considering their age.
woodiewood1
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PS3D said:

RafterAg223 said:

Either way, there is a reason CBL could only carve out the 2 restaurant pads that exist now.


The Macy's building also includes the parking around it. I believe in the case of the two restaurant pads, it was Sears that carved them out of their section.
There are six separate owners of the whole Post Oak property. Five of the seven own their own parking. SRB COLLEGE STATION LLC, the owner of the old Sears store owns the parking between Chuys and harvey extending to the old sears building.

CBL still owns the pads that the two restaurants are on.
woodiewood1
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Section327Ag said:

Quote:


CBL sold it for way below market price.

The City bought it for less than market price.

Very simple answer to your question.





I don't understand this at all. Are you saying CBL is ignorant of market value and made a stupid deal, or was there some motivation on their part to sell the property for millions of dollars below market?

Secondly, the market price is by definition set by the sale, so since the city outbid several private entities, isn't the true market value the highest bid amongst the private bidders? Government intervention with taxpayer money distorted the market since they paid more than it was worth to any private entity at the time.

What am I missing


A city government overpaying for a commercial property at the time of the purchase probably would not be considered an arms-length transaction and a suitable comp for consideration.
 
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