City of College Station Real Estate Investment Dept Doing Work (Macy's)
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Last: 3 mo ago by maroon barchetta
What's the over/under on how much less the city sells this for than what was paid for it? That's if anyone even responds to the RFP. The meh attitude about this disaster down at city hill is infuriating. That brain trust over there paid literally twice what the seller had bought the piece of crap for just months earlier. Then they tried to act like "all that land" was worth it because they could get more restaurant pads there. I guess people were going to just park in the sky. Main Event already looked at this deal and said not no, but hell no. I'll be shocked if anyone else feels differently about it.
What a cluster that was totally unnecessary and was asinine.
What are the odds a non-profit (church) will have the high bid... Wouldn't that be sweet.
Someone post here how much the city paid for this property so we have it early in this thread so we can see how much they lose
The College Station city council unanimously approved spending $7.3 million dollars from the general fund to buy the former Macy's store and adjoining parking.91_Aggie said:
Someone post here how much the city paid for this property so we have it early in this thread so we can see how much they lose
You need to add about $350/month maintenance fee paid to the mall management.
You also need to add the cost of building maintenance and utilities.
You should also consider the opportunitiy cost of not collecting property taxes on the property value if a private person had purchased it.
At this point, the total cost is probably around $8 million.
The city's taxpapers will probably take a $4 million dollar bath on it.
woodiewood said:The College Station city council unanimously approved spending $7.3 million dollars from the general fund to buy the former Macy's store and adjoining parking.91_Aggie said:
Someone post here how much the city paid for this property so we have it early in this thread so we can see how much they lose
You need to add about $350/month maintenance fee paid to the mall management.
You also need to add the cost of building maintenance and utilities.
You should also consider the opportunitiy cost of not collecting property taxes on the property value if a private person had purchased it.
At this point, the total cost is probably around $8 million.
The city's taxpapers will probably take a $4 million dollar bath on it.
And just a few months before they bought this steaming pile of crap, the sellers purchased the deal for about half that price. But it's ok, they are selling land elsewhere to cancel it out. The council is robbing the taxpayers in this town blind.
My bet is that they fall in love with some concept and sell it at a massive loss. The concept never materializes.
Foia on the bids is going to be entertaining.
Or
They have already worked a deal with someone and are forced to take public bids. The preferred buyer will not be the high bid but what they determine is the best use. The higher bid sues and it is tied up in court for a few years and we repeat the process.
Foia on the bids is going to be entertaining.
Or
They have already worked a deal with someone and are forced to take public bids. The preferred buyer will not be the high bid but what they determine is the best use. The higher bid sues and it is tied up in court for a few years and we repeat the process.
My bet Sell price $2.5 million to a storage center or church
I collect ticket stubs! looking for a 1944 orange bowl and 1981 independence bowl ticket stub as well as Aggie vs tu stubs - 1926 and below, 1935-1937, 1939-1944, 1946-1948, 1950-1951, 1953, 1956-1957, 1959, 1960, 1963-1966, 1969-1970, 1972-1974, 1980, 1984, 1990, 2004, 2008, 2010
RafterAg223 said:
What's the over/under on how much less the city sells this for than what was paid for it? That's if anyone even responds to the RFP. The meh attitude about this disaster down at city hill is infuriating. That brain trust over there paid literally twice what the seller had bought the piece of crap for just months earlier. Then they tried to act like "all that land" was worth it because they could get more restaurant pads there. I guess people were going to just park in the sky. Main Event already looked at this deal and said not no, but hell no. I'll be shocked if anyone else feels differently about it.
According to Yancy, we're not allowed to talk about it
ElephantRider said:RafterAg223 said:
What's the over/under on how much less the city sells this for than what was paid for it? That's if anyone even responds to the RFP. The meh attitude about this disaster down at city hill is infuriating. That brain trust over there paid literally twice what the seller had bought the piece of crap for just months earlier. Then they tried to act like "all that land" was worth it because they could get more restaurant pads there. I guess people were going to just park in the sky. Main Event already looked at this deal and said not no, but hell no. I'll be shocked if anyone else feels differently about it.
According to Yancy, we're not allowed to talk about it
I never said that. I've talked about it extensively on this platform, and done my best to address concerns. I'm not going to hide from the Macy's. Just going to work like hell to get the taxpayers the best deal.
Respectfully,
Yancy
Whst year did this happen? Who was Mayor and who were council members?
Bob Yancy said:ElephantRider said:RafterAg223 said:
What's the over/under on how much less the city sells this for than what was paid for it? That's if anyone even responds to the RFP. The meh attitude about this disaster down at city hill is infuriating. That brain trust over there paid literally twice what the seller had bought the piece of crap for just months earlier. Then they tried to act like "all that land" was worth it because they could get more restaurant pads there. I guess people were going to just park in the sky. Main Event already looked at this deal and said not no, but hell no. I'll be shocked if anyone else feels differently about it.
According to Yancy, we're not allowed to talk about it
I never said that. I've talked about it extensively on this platform, and done my best to address concerns. I'm not going to hide from the Macy's. Just going to work like hell to get the taxpayers the best deal.
Respectfully,
Yancy
Is there a minimum acceptable sale bid on it?
If it doesn't sell or lease, has the city looked at it for a YMCA?
That info is in the KBTX article online.MsDoubleD81 said:
Whst year did this happen? Who was Mayor and who were council members?
It's not the first time. The city bought Chimney Hill shopping center years ago and sat on it for many, many years. Finally it was used for the storage of Bush's docs while the library was being built.
" the city purchased the Chimney Hill Shopping Center in 2008 for $10 million with the intention of converting it into a conference center. Ironically, some of the same individuals who are now advocating for a new conference center were responsible for that decision, which eventually proved to be costly.
The 2008 acquisition led to the property being taken off the tax rolls, resulting in a financial burden on the city. Over the next few years, the city had to spend hundreds of thousands of dollars on maintaining the property, only to sell it at a loss for $7 million in 2015.
This unfortunate transaction ended up costing taxpayers millions of dollars. The only parties that seemed to benefit were the real estate companies that facilitated the deals. As the city considers embarking on a similar path, the lessons from this past experience should be kept in mind, to ensure that history does not repeat itself in this costly manner."
This doesn't include the loss of potential property taxes that might have been collected, maintenance cost, and also the interest that could have been earned for the 7 to 8 years the city owned it.
I would like to see how much the taxpayers lost on it.
I would like to see a Texas State Law that prohibits cities and counties from using public money for purchasing property without a detailed plan to have a current need or future need of the property. Public entities don't need to be in the real estate business.
Indoor pickleball.
You can mail me the key to the city.
You can mail me the key to the city.
This is really frustrating. We are not a large community where losing 7 figures on a real estate deal is chump change. As stewards of OUR MONEY as a taxpayer, especially in the inflationary market we have been in, the city has failed miserably here.
I appreciate Bob stepping in and commenting, and I'm not really sure what more there is to be said. In a way, what isn't being said speaks loudly about our leadership in general.
Man, this sucks.
I appreciate Bob stepping in and commenting, and I'm not really sure what more there is to be said. In a way, what isn't being said speaks loudly about our leadership in general.
Man, this sucks.
Turn it into a casino.
I'm fairly certain College Station is on an old Indian burial ground.
That's the only explanation for the drought in some of the major sports.
Make it a casino. Put up some hotels. Profit.
I'm fairly certain College Station is on an old Indian burial ground.
That's the only explanation for the drought in some of the major sports.
Make it a casino. Put up some hotels. Profit.
You literally said on the CSU thread "I don't know why people keep talking about Macy's"Bob Yancy said:ElephantRider said:RafterAg223 said:
What's the over/under on how much less the city sells this for than what was paid for it? That's if anyone even responds to the RFP. The meh attitude about this disaster down at city hill is infuriating. That brain trust over there paid literally twice what the seller had bought the piece of crap for just months earlier. Then they tried to act like "all that land" was worth it because they could get more restaurant pads there. I guess people were going to just park in the sky. Main Event already looked at this deal and said not no, but hell no. I'll be shocked if anyone else feels differently about it.
According to Yancy, we're not allowed to talk about it
I never said that. I've talked about it extensively on this platform, and done my best to address concerns. I'm not going to hide from the Macy's. Just going to work like hell to get the taxpayers the best deal.
Respectfully,
Yancy
pretty coinvent this will all go down AFTER the election.
Your timing is a little off on when the George Bush Library stuff was stored there... that was well before the city bought it. The George Bush Library stuff was stored where the Old Bowling alley was.woodiewood said:That info is in the KBTX article online.MsDoubleD81 said:
Whst year did this happen? Who was Mayor and who were council members?
It's not the first time. The city bought Chimney Hill shopping center years ago and sat on it for many, many years. Finally it was used for the storage of Bush's docs while the library was being built.
" the city purchased the Chimney Hill Shopping Center in 2008 for $10 million with the intention of converting it into a conference center. Ironically, some of the same individuals who are now advocating for a new conference center were responsible for that decision, which eventually proved to be costly.
The 2008 acquisition led to the property being taken off the tax rolls, resulting in a financial burden on the city. Over the next few years, the city had to spend hundreds of thousands of dollars on maintaining the property, only to sell it at a loss for $7 million in 2015.
This unfortunate transaction ended up costing taxpayers millions of dollars. The only parties that seemed to benefit were the real estate companies that facilitated the deals. As the city considers embarking on a similar path, the lessons from this past experience should be kept in mind, to ensure that history does not repeat itself in this costly manner."
This doesn't include the loss of potential property taxes that might have been collected, maintenance cost, and also the interest that could have been earned for the 7 to 8 years the city owned it.
I would like to see how much the taxpayers lost on it.
I would like to see a Texas State Law that prohibits cities and counties from using public money for purchasing property without a detailed plan to have a current need or future need of the property. Public entities don't need to be in the real estate business.
but yes, the city leaders at that time thought they would be able to put a conference center there.
When they bought it was appraised at about $4 million as well... someone who owned it got a sweetheart deal. probably the same way that whomever owned the Macy's buildign got a sweetheart deal.
a group of Geriatric ex academics should have never been allowed to be a part of real-estate speculating to begin with
www.elitellp.net/
EliteElectric said:
a group of Geriatric ex academics should have never been allowed to be a part of real-estate speculating to begin with
Hear Hear! Before it gets removed and electrics gets banned.
You're correct. i had my decades messed up.91_Aggie said:Your timing is a little off on when the George Bush Library stuff was stored there... that was well before the city bought it. The George Bush Library stuff was stored where the Old Bowling alley was.woodiewood said:That info is in the KBTX article online.MsDoubleD81 said:
Whst year did this happen? Who was Mayor and who were council members?
It's not the first time. The city bought Chimney Hill shopping center years ago and sat on it for many, many years. Finally it was used for the storage of Bush's docs while the library was being built.
" the city purchased the Chimney Hill Shopping Center in 2008 for $10 million with the intention of converting it into a conference center. Ironically, some of the same individuals who are now advocating for a new conference center were responsible for that decision, which eventually proved to be costly.
The 2008 acquisition led to the property being taken off the tax rolls, resulting in a financial burden on the city. Over the next few years, the city had to spend hundreds of thousands of dollars on maintaining the property, only to sell it at a loss for $7 million in 2015.
This unfortunate transaction ended up costing taxpayers millions of dollars. The only parties that seemed to benefit were the real estate companies that facilitated the deals. As the city considers embarking on a similar path, the lessons from this past experience should be kept in mind, to ensure that history does not repeat itself in this costly manner."
This doesn't include the loss of potential property taxes that might have been collected, maintenance cost, and also the interest that could have been earned for the 7 to 8 years the city owned it.
I would like to see how much the taxpayers lost on it.
I would like to see a Texas State Law that prohibits cities and counties from using public money for purchasing property without a detailed plan to have a current need or future need of the property. Public entities don't need to be in the real estate business.
but yes, the city leaders at that time thought they would be able to put a conference center there.
When they bought it was appraised at about $4 million as well... someone who owned it got a sweetheart deal. probably the same way that whomever owned the Macy's buildign got a sweetheart deal.
I'm sorry but when is this kinda stuff gonna end...
For years people shouted from the roof tops that the cost of housing/taxes was out of control and they needed help...
**ignored
Now we have a "housing action plan", which will require more GOV spending to correct a problem created by GOV
People shouted "what are you doing with Macy's?" You have $7m to throw away on a mall but none for a tax cut or utility credits
**ignored
Now, sell it
When the Rock Prairie ballfields were going to bond... I tried to tell everyone I could NOT to do it because none of the vetting for the project had been done. I've been around construction nearly all my life and could tell by even a quick glance that no research had been done about the actual building site.
**Ignored
Now we are gonna spending $26.5m (on top of the $10m+interest from the bonds) on a new park.
The Smith track over off Harvey is being sited for development into ANOTHER PARK... but again, I can tell by even the quickest look it will take $6-7m just to mitigate the flooding in that area. Not to mention the excess water that will flow down river and flood out parts of Pebble Creek.
Guys and Gal's
this has got to stop. I do not know how to say it any other way but this is what One Party rule in government looks like.
If there is no electoral consequences then GOV just throws hard earned tax dollars away forcing yet MORE taxes to make up for the mistake.
..... and do not get me started on long term contract/infrastructure risk. On Average COCS pays 15%, maybe %20 more than other cities on our contracts because we lack the foresight as a city to create a larger "contractor pool" to create more economy of scale.
I could go on but, frankly... there you have it
For years people shouted from the roof tops that the cost of housing/taxes was out of control and they needed help...
**ignored
Now we have a "housing action plan", which will require more GOV spending to correct a problem created by GOV
People shouted "what are you doing with Macy's?" You have $7m to throw away on a mall but none for a tax cut or utility credits
**ignored
Now, sell it
When the Rock Prairie ballfields were going to bond... I tried to tell everyone I could NOT to do it because none of the vetting for the project had been done. I've been around construction nearly all my life and could tell by even a quick glance that no research had been done about the actual building site.
**Ignored
Now we are gonna spending $26.5m (on top of the $10m+interest from the bonds) on a new park.
The Smith track over off Harvey is being sited for development into ANOTHER PARK... but again, I can tell by even the quickest look it will take $6-7m just to mitigate the flooding in that area. Not to mention the excess water that will flow down river and flood out parts of Pebble Creek.
Guys and Gal's
this has got to stop. I do not know how to say it any other way but this is what One Party rule in government looks like.
If there is no electoral consequences then GOV just throws hard earned tax dollars away forcing yet MORE taxes to make up for the mistake.
..... and do not get me started on long term contract/infrastructure risk. On Average COCS pays 15%, maybe %20 more than other cities on our contracts because we lack the foresight as a city to create a larger "contractor pool" to create more economy of scale.
I could go on but, frankly... there you have it
Buford T. Justice said:
Indoor pickleball.
You can mail me the key to the city.
Or, and I'm just spitballing here, we build a 20' long 6' high key that can be used as an Instagram prop every time someone receives a key to the city.
Anyone even remotely involved in that Macy's deal should be banned from local government for life. Buying it was bad enough, but then to grossly overpay like they did is just that much worse. Was a terrible idea from the beginning, and now they're about to take a bath on it.
ElephantRider said:
Anyone even remotely involved in that Macy's deal should be banned from local government for life. Buying it was bad enough, but then to grossly overpay like they did is just that much worse. Was a terrible idea from the beginning, and now they're about to take a bath on it.
Are any current or former council members involved in the real estate business?
Or am I thinking of Bryan?
woodiewood said:The College Station city council unanimously approved spending $7.3 million dollars from the general fund to buy the former Macy's store and adjoining parking.91_Aggie said:
Someone post here how much the city paid for this property so we have it early in this thread so we can see how much they lose
You need to add about $350/month maintenance fee paid to the mall management.
You also need to add the cost of building maintenance and utilities.
You should also consider the opportunitiy cost of not collecting property taxes on the property value if a private person had purchased it.
At this point, the total cost is probably around $8 million.
The city's taxpapers will probably take a $4 million dollar bath on it.
Plus all the man hours spent by city staff on anything related to this facility, including the research time they took into buying it as well as the attorney s filing the lawsuit for the maintenance fees ( even if the city wins), and whatever time and resources it takes to get the property off the books
For the lazy & the upcoming election
Who voted to buy Macy's?
Who voted to say no to the speculative deal? KBTX featured a lady that voted no. That is all I know.
In the meantime, I can't work more hours. Taxes are high and they will possibly go higher in 2025!
Who voted to buy Macy's?
Who voted to say no to the speculative deal? KBTX featured a lady that voted no. That is all I know.
In the meantime, I can't work more hours. Taxes are high and they will possibly go higher in 2025!
I have not heard about this one, can you elaborate? They will need to budget a few million a year for hog damageCraig Regan 14 said:
The Smith track over off Harvey is being sited for development into ANOTHER PARK...
https://wtaw.com/college-station-city-council-approves-the-purchase-of-the-former-macys-store-and-adjoining-parking/
Go to the link and listen to the clip. One of the residents speaking out AGAINST the purchase was the female running for council Melissa McIlhaney. She has my vote.
Go to the link and listen to the clip. One of the residents speaking out AGAINST the purchase was the female running for council Melissa McIlhaney. She has my vote.
MsDoubleD81 said:
https://wtaw.com/college-station-city-council-approves-the-purchase-of-the-former-macys-store-and-adjoining-parking/
Go to the link and listen to the clip. One of the residents speaking out AGAINST the purchase was the female running for council Melissa McIlhaney. She has my vote.
I just went back and watched the meeting where they discussed/voted on this. I came here to share the same thing. Ms. McIlhaney spoke against it, and she also happens to be the Chair of the P&Z board. I would love to see her on the council. Other note from watching the meeting is that the city manager seemed to really really want this to happen.
It is so,so easy to spend OPM.
I think any property purchase by the city of county over a certain amount, let's say $1,000,000, should have to go to the voters for approval and the city has to justify it's purchase for their current or future needs....not to control the eventual sale of it.
The city has no business being in the real estate business.
I think any property purchase by the city of county over a certain amount, let's say $1,000,000, should have to go to the voters for approval and the city has to justify it's purchase for their current or future needs....not to control the eventual sale of it.
The city has no business being in the real estate business.
woodiewood said:
It is so,so easy to spend OPM.
I think any property purchase by the city of county over a certain amount, let's say $1,000,000, should have to go to the voters for approval and the city has to justify it's purchase for their current or future needs....not to control the eventual sale of it.
The city has no business being in the real estate business.
Maybe $75K and up would be a start.
ElephantRider said:You literally said on the CSU thread "I don't know why people keep talking about Macy's"Bob Yancy said:ElephantRider said:RafterAg223 said:
What's the over/under on how much less the city sells this for than what was paid for it? That's if anyone even responds to the RFP. The meh attitude about this disaster down at city hill is infuriating. That brain trust over there paid literally twice what the seller had bought the piece of crap for just months earlier. Then they tried to act like "all that land" was worth it because they could get more restaurant pads there. I guess people were going to just park in the sky. Main Event already looked at this deal and said not no, but hell no. I'll be shocked if anyone else feels differently about it.
According to Yancy, we're not allowed to talk about it
I never said that. I've talked about it extensively on this platform, and done my best to address concerns. I'm not going to hide from the Macy's. Just going to work like hell to get the taxpayers the best deal.
Respectfully,
Yancy
So you do confirm then that he never said we can't talk about it? Got it.
Also, constantly bringing it up on threads that have zero to do with that decision in efforts to just rail against all things local government is lazy and annoying. The CSU thread was about CSU, not the decisions of administrations in the past to stupidly buy Macy's.