I think that it is still zoned for a SOB. That doesn't mean that the property owner has to lease to one.
City of College Station puts taxpayers on hook for mall redevelopment
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Last: 1 yr ago by woodiewood1
PS3D said:The previous deed that signed it over from Macy's to a California-based company was notarized and dated in Ohio. It took over a week to appear in the county deeds website.Is Not a Turtle said:
Officer Fred, who bought the property? I am not seeing a deed filed of record out of Primary Properties as of today's date.
I hope this isn't some sweetheart deal where they are holding the recording until the city is in agreement.
This city needs a thorough divorce from developers and a real intervention by tax payers.officerfred said:
When the City Manager was asked about the reason, he stated that the city wanted to purchase the property before someone else did and that there were no secure users identified for the project. This is a city with no experience in mall development and a history of losing money on real estate purchases.
The city is not in "mall development", they are buying the Macy's property so it doesn't go to some non-retail institution that would permanently take it off the tax rolls (imagine if TAMU or a church bought it, for instance) and want to flip it to a company that will develop it as retail or entertainment space.
Whether this is government overreach and a good decision is up to you, but trying to spin as "mall development" is either being a misinformed voter or willingly spinning misinformation.
Which one of these would take it off the tax rolls?
"The city was competing with several private purchasers that included 2 big box retailers, an entertainment center, and a storage center."
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/
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.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/
The mayor said this morning on the Infomaniacs there's a lot of mold in that building, evidently.
https://wtaw.com/college-station-mayor-karl-mooney-on-wtaw-94/
https://wtaw.com/college-station-mayor-karl-mooney-on-wtaw-94/
techno-ag said:
The mayor said this morning on the Infomaniacs there's a lot of mold in that building, evidently.
https://wtaw.com/college-station-mayor-karl-mooney-on-wtaw-94/
Sounds like it is losing value.
Imagine that.
rsa said:An apartment complex? The mind reels at the myriad possibilities of what kind of boondoggle the city would make of that.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/
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!).
maroon barchetta said:rsa said:An apartment complex? The mind reels at the myriad possibilities of what kind of boondoggle the city would make of that.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/
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.
Plantation Oaks now the Grand 1501 is where I lived my first 2 years of college in 87-89.
They were old and crappy back then.
What the hell is the city doing?
They were old and crappy back then.
What the hell is the city doing?
They'll overpay, then sell at a steep discount to a developer wanted to build something new there. The city will claim that the new property tax revenue to more than make up for it.
It won't, but no one will fact check them on it 10 years from now.
It won't, but no one will fact check them on it 10 years from now.
Maybe they will make it a gigantic Halloween store!
EMY92 said:
The city will claim that the new property tax revenue to more than make up for it.
City apparently isn't even saying that any more. At 4:02:00 here when discussing Phase 1 of the Independence Ballpark boondoggle, Crompton indicates that they think the correct criterion to call it a win is if entitles in the city are able to make that much more back in revenue. So if they take $1,000 from your bottom line they feel justified so long as they think someone else in the city is making $1,000 to their top line. Maloney made a similar comparison.
https://collegestationtx.civicclerk.com/Web/Player.aspx?id=2368&key=-1&mod=-1&mk=-1&nov=0
Brian Alg
Brazos Coalition for Responsible Government
Brazos Coalition for Responsible Government
I don't feel like listening to the recording and don't see it mentioned in the summary. Mold at the old Macy's or at the apartment complex? If it's Macy's, I'd hope they'd have checked for that before purchasing, and if it's the apartments, same. Why buy somewhere moldy?
threecatcorner said:
I don't feel like listening to the recording and don't see it mentioned in the summary. Mold at the old Macy's or at the apartment complex? If it's Macy's, I'd hope they'd have checked for that before purchasing, and if it's the apartments, same. Why buy somewhere moldy?
Because CoCS city council.
Macy's. Start around the 3:00 mark. It came up in inspection and the seller is working to mitigate it.threecatcorner said:
I don't feel like listening to the recording and don't see it mentioned in the summary. Mold at the old Macy's or at the apartment complex? If it's Macy's, I'd hope they'd have checked for that before purchasing, and if it's the apartments, same. Why buy somewhere moldy?
Update!
https://www.kbtx.com/2022/11/16/texas-am-esports-university-negotiations-facility-post-oak-mall/
Texas A&M Esports: University in negotiations for facility at Post Oak Mall
https://www.kbtx.com/2022/11/16/texas-am-esports-university-negotiations-facility-post-oak-mall/
Texas A&M Esports: University in negotiations for facility at Post Oak Mall
I wish I understood what that would entail and why esports needs such a large space
I don't understand it either but I thought I'd throw it out there for the wolves.
Arena seating I think. Blinn's at RELLIS has ample space for computer stations and a giant screen the home town crowd can watch during competitions. Interestingly enough, esports has become a big deal at colleges. They take it seriously.wareagle044 said:
I wish I understood what that would entail and why esports needs such a large space
https://www.kbtx.com/video/2022/11/12/blinn-college-esports-hoping-win-national-championship/
This certainly fits with the aesthetic the city is going for, will bring lots of foot traffic, and not be an eyesore. /s
So a non-profit is taking over the old Macys...BaitShack said:
Update!
https://www.kbtx.com/2022/11/16/texas-am-esports-university-negotiations-facility-post-oak-mall/
Texas A&M Esports: University in negotiations for facility at Post Oak Mall
I am confused.I thought the CoCS wanted to buy the property so that a church (also a non-profit) would not buy it.
techno-ag said:Arena seating I think. Blinn's at RELLIS has ample space for computer stations and a giant screen the home town crowd can watch during competitions. Interestingly enough, esports has become a big deal at colleges. They take it seriously.wareagle044 said:
I wish I understood what that would entail and why esports needs such a large space
https://www.kbtx.com/video/2022/11/12/blinn-college-esports-hoping-win-national-championship/
Weird.
doubledog said:So a non-profit is taking over the old Macys...BaitShack said:
Update!
https://www.kbtx.com/2022/11/16/texas-am-esports-university-negotiations-facility-post-oak-mall/
Texas A&M Esports: University in negotiations for facility at Post Oak Mall
I am confused.I thought the CoCS wanted to buy the property so that a church (also a non-profit) would not buy it.
The buyer I heard they were trying to stop was a storage facility/warehouse.
[Make your post again without the sarcasm and with a link and we will let it stay up. -Staff]
E sports, which are undoubtedly growing, could be something that the BCS needs.
Why should College Station's tax payers fork up extra money for a Texas A&M-used building is my question.
What number of jobs will be produced? Will the property be reassessed for taxes? Who will foot the bill for this "new" facility's continuing upkeep and operations?
What even constitutes project success for this kind? We should all be concerned about this situation's secrecy and lack of transparency.
I really think more information is needed, but it sounds like they are in the very early stages. If the idea is for this to be a place where larger tournaments are hosted in addition to being the home of the A&M eSports activities, I could see a real benefit to the city from revenues of people coming into town, hotel stays, restaurants, etc. It would also be something that could bring people to the mall area and perhaps actually go in the mall, which is something that is really needed. I will withhold judgement until more information comes out, but I was definitely surprised when I saw this news. That was not the kind of use of the space I was expecting.officerfred said:
E sports, which are undoubtedly growing, could be something that the BCS needs.
Why should College Station's tax payers fork up extra money for a Texas A&M-used building is my question.
What number of jobs will be produced? Will the property be reassessed for taxes? Who will foot the bill for this "new" facility's continuing upkeep and operations?
What even constitutes project success for this kind? We should all be concerned about this situation's secrecy and lack of transparency.
I could really see VR esports be a thing because it requires actually aiming and moving. I have no interest in current cybersports and I am a lifelong gamer. Of course I am 50 so I am not the target demographic anyway.
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Do you work for one of the local firms ? Jealous that other people are making money in BCS?officerfred said:
Late Thursday at almost midnight, one of the largest speculative purchases of private property in College Station's history was unanimously approved by all members of College Station City council with zero debate.
College Station staff and some of the same city council members that voted to purchase the failed "Chimney Hill" property almost 15 years ago (only to later sell for what would be a multi-million dollar loss for the city) voted to purchase the Macys property at Post Oak Mall.
When the sale closes in 30 days, the city will pay $7.3 million for a property that sold only 7 months ago for $3.5 million dollars. City council seemed unphased when a concerned citizen spoke about the high price tag and government overreach. A local businessman spoke about their attempts to purchase the same property to only be later dissuaded by city staff who were obviously vying to purchase the property themselves.
The city was competing with several private purchasers that included 2 big box retailers, an entertainment center, and a storage center. The unseemly "negotiation" has the city over paying once again for property while also taking over $100,000 each year off the city tax roles.
When the City Manager was asked about the reason, he stated that the city wanted to purchase the property before someone else did and that there were no secure users identified for the project. This is a city with no experience in mall development and a history of losing money on real estate purchases.
Earlier in the evening the council voted unanimously to raise tax revenues and city utility fees over 10% across the board.
Funds to purchase the building will come from general funds. The same funds needed to hire police and fire to combat skyrocketing crime rates happening across parts of College Station.
The city will ask tax payers this November to approve borrowing over $90 million dollars for projects ranging from fire protection to pickleball courts.
Watch the meeting here at around 4:12 https://collegestationtx.civicclerk.com/Web/Player.aspx?id=1309&key=-1&mod=-1&mk=-1&nov=0
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.
The City can also develop the pad sites there.
past performance indicates they will do nothing of the sort. You are clearly connected to this transaction from your defense of it, or at least privy to it. So please, enlighten us as to how another group was able to purchase the property less than 12 months before for nearly half the price COCS paid for it.
Pardon our skepticism that this boondoggle will indeed be a boondoggle and loss for the citizens.
Pardon our skepticism that this boondoggle will indeed be a boondoggle and loss for the citizens.
CBL sold it for way below market price.Is Not a Turtle said:
past performance indicates they will do nothing of the sort. You are clearly connected to this transaction from your defense of it, or at least privy to it. So please, enlighten us as to how another group was able to purchase the property less than 12 months before for nearly half the price COCS paid for it.
Pardon our skepticism that this boondoggle will indeed be a boondoggle and loss for the citizens.
The City bought it for less than market price.
Very simple answer to your question.
Now you have two very solid sales comparable to drive further transactions and market values around the City. Higher market prices means higher property tax revenue for the City.
They knew exactly what they were doing.
Thanks for answering. I think we covered the sweetheart deal portion of this in the first few pages.
What stands as indefensible is that businesses were willing to purchase that place at what would likely be a similar market rate. Those businesses would have paid taxes and likely employed citizens and achieved your similar comp.
Your argument seems to be that they paid the highest price so they could subsidize commercial real estate prices in the city.
Instead we just remove another large commercial property from the tax rolls and create paper gains for an industry that hasn't been able to move or fill similar properties in the area for years.
Hopefully you'll understand our skepticism when CoCS has such a history of failed real estate investments.
What stands as indefensible is that businesses were willing to purchase that place at what would likely be a similar market rate. Those businesses would have paid taxes and likely employed citizens and achieved your similar comp.
Your argument seems to be that they paid the highest price so they could subsidize commercial real estate prices in the city.
Instead we just remove another large commercial property from the tax rolls and create paper gains for an industry that hasn't been able to move or fill similar properties in the area for years.
Hopefully you'll understand our skepticism when CoCS has such a history of failed real estate investments.
"Do you work for one of the local firms ? Jealous that other people are making money in BCS?"
Ugh. It's not the city's role to "make money" or compete with private business.
"The City made out like bandits on this … 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."
You are far from a real estate god if you consider paying market value (even that is questionable) to be making out like a bandit. Even if it was true, again it's not the city's role to get into real estate speculation.
Ugh. It's not the city's role to "make money" or compete with private business.
"The City made out like bandits on this … 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."
You are far from a real estate god if you consider paying market value (even that is questionable) to be making out like a bandit. Even if it was true, again it's not the city's role to get into real estate speculation.
Realestategod said:CBL sold it for way below market price.Is Not a Turtle said:
past performance indicates they will do nothing of the sort. You are clearly connected to this transaction from your defense of it, or at least privy to it. So please, enlighten us as to how another group was able to purchase the property less than 12 months before for nearly half the price COCS paid for it.
Pardon our skepticism that this boondoggle will indeed be a boondoggle and loss for the citizens.
The City bought it for less than market price.
Very simple answer to your question.
Now you have two very solid sales comparable to drive further transactions and market values around the City. Higher market prices means higher property tax revenue for the City.
They knew exactly what they were doing.
Except they took a 7m property off the tax rolls, so there's that.....
I'm in my 20s, I enjoy video games, but I have no idea why people would enjoy watching other people play video games, or pay money to do so.KidDoc said:
I could really see VR esports be a thing because it requires actually aiming and moving. I have no interest in current cybersports and I am a lifelong gamer. Of course I am 50 so I am not the target demographic anyway.
I guess there's a lot of very bored people out there...