Realestategod said:
The City can also develop the pad sites there.
Made out like bandits?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.
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)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.
birdman said:Made out like bandits?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.
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.
RafterAg223 said:
Either way, there is a reason CBL could only carve out the 2 restaurant pads that exist now.
Also allows for cross parking with the entire mall for calculation of the parking ratio.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.
Quote:
CBL sold it for way below market price.
The City bought it for less than market price.
Very simple answer to your question.
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.PS3D said: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.
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.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.
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.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
