At this point, it's hard to imagine any public official forthrightly demanding that Mainland show us the money, and yet perhaps Kevin Zurschmiede will fill the role. A better bet is another carefully staged lovefest -- and another lost year before the inevitable.
Has it occurred to anyone after all this time that the reason we're not being shown the money is that there is no money? Like Occam suggests, sometimes the simplest answer is the most plausible.
Deal to extend River View property option not in place; Mainland Properties was under belief option-to-buy was good for another year, by Daniel Suddeath (News and Tribune)
NEW ALBANY — Apparently unbeknownst to the developer, the New Albany Redevelopment Commission will reconsider its options on three pieces of property that has been planned for the multimillion dollar River View project for almost two years.
In June 2010, Mainland Properties head Jack Bobo purchased for $1,000 an option on the lots with the intent that would be used for River View, which is designed to be a multiuse development with retail, office and residential space adjacent to the Floyd County branch of the YMCA of Southern Indiana, near the Ohio River. The option-to-buy was extended for a second year, but the contract expired May 1, according to New Albany Economic Development Director David Duggins.
Extending the option had been a point of discussion recently among city officials, as New Albany City Councilman and redevelopment Commissioner Kevin Zurschmiede questioned whether $1,000 was a fair price to charge to lease the property.
Since the contract expired, Duggins said the matter will have to come back before the redevelopment commission for consideration. The commission likely will accept new proposals for the property, he said.
“We hope that Mr. Bobo and his group will participate in that process,” Duggins said Thursday.
But River View project manager Anita Massey said Mainland Properties was under the belief that it had the right to extend the option-to-buy agreement until May 1 2013 after recently submitting another $1,000 check to the city for another year. She said communication between the city and developer indicated the extend was already approved, and added Mainland Properties recently funded geotechnical exploration work at the site.
Maybe, just maybe, the project as originally planned would have paid off for New Albany. Unfortunately, it depended upon high priced condos. At that time, many of us said that there was no market in NA for them. We've been proved correct as Mr. Bobo has now redesigned the project to be built in stages and heavily dependent on rental apartments.
ReplyDeleteWe were assured that the financing was just short of being approved and could be quickly secured if the city included it in the TIF. New Albany did. Still waiting on financing.
Mr. Bobo's group severely over estimated the local upscale condo demand. Apparently, there is no money except for the potential dollars from the TIF district. Project to built in stages, as needed. Their "belief" in the project even seems to be fading.
Is New Albany willing to give up this valuable piece of property for a development that is led by a group that seemingly has little money and even less knowledge about New Albany? I sincerely hope not. In my opinion, even the "maybe" has now left the building.
We've known River View was a stinker from the onset, but what's the rush to accept other proposals? Other than the riverbank itself, it's arguably the most important piece of publicly held land in the city. It makes more sense to start selling off other surface parking lots that don't connect us to the Ohio.
ReplyDeleteI propose we bust up and haul off the concrete, plant clover and wild flowers to rejuvenate the soil, and enjoy it. We could put up a big screen on the Main Street side and watch movies all summer.