On the agenda looks like the City Council is looking to revisit the somerset lots especially Lot 6 where the garage was planned. The order is to bring condemnation to Lot 6 (aka take the land) to Federated to get the garage built. Stay tuned...
Getting Federated entirely out of the picture is really the best path forward, but I doubt any new developer would just take the 2013 plans and resubmit them, (and they wouldn't be in compliance with new regulations anyway)So far as we know, there's nothing binding on the city in the NIMBY settlement, is there? Meaning, in today's climate the city could legally find a new developer to build Midtown as originally proposed if that were mutually agreeable?
It sounds like Federated wants out too, but may just be waiting for an opportune time to sell. (Lots 1,3 and 7)To the best knowledge of the appraiser the subject property is not currently offered for sale or subject to any options. It has been reported by brokers in the local market that the subject owners have received offers in the past in the $13 to $15 Million range for all 4 lots, which were not accepted as the owners were seeking a price in the range of $20 to $24 Million. It was also reported by local brokers that the seller may consider selling the parcels separately
Understood; I was really getting at the idea that the height reductions, etc. were just an agreement between Federated and the opposition, not something that could prevent the next developer from doing what they wanted.Getting Federated entirely out of the picture is really the best path forward, but I doubt any new developer would just take the 2013 plans and resubmit them, (and they wouldn't be in compliance with new regulations anyway)