Housing for the homeless or poor..
they need a home more than you need a pickle ball court...
they need a home more than you need a pickle ball court...
studioone said:
Housing for the homeless or poor..
they need a home more than you need a pickle ball court...
happyinBCS said:
I think this is ridiculous so much money has been wasted through litigation and of course paying double what it was worth
PLEASE FIND A COMPETENT COMMERCIAL BROKER NOT THE CITY BROKER PUT THE PROPERTY ON THE MARKET AND
SELL IT
This is your answer Mr. Yancy.
JaxDad said:
I know very, very little about real estate. That said the CSISD central office is old, small and has horrible parking. Could it be repurposed as the new central office?
Koko Chingo said:
Sell it. Even if it's for a loss. it will be embarrassing to sell it for a loss; but oh well; sell it.
Then let the market decide what its going to be and not the city.
If the business fails, it's still on the hook for someone to pay property tax. If the business defaults on taxes, the city will sell it at auction and then the market takes another shot at it.
For a bonus, the city should expedite any permitting or zoning requests without being overbearing to whomever buys it.
Mr. Yancy; I do appreciate that you are asking and engaging us about what this facility should be. I do believe that you are sincere and are trying turn this mess into something good.
I also believe that by you asking this question really highlights the fact that that neither the City Council, Mayor, nor the full time staff of the city (especially city mangers office); have a viable solution for what to do with the facility.
That means the city needs to get rid of it. This is a prime location, why take prime real estate off the tax rolls?
Owning a section of a mall seems odd for a city government to buy. You cannot even bulldoze it without a huge cost because the building depends on the old Macy's being in place for structural integrity.
Bob Yancy said:woodiewood said:Yep. It was a bad and unnecessary investment. As with stocks, if you overpay by 200% and it sits there for years with no dividend and its value goes down, the best thing to do is to lick your wounds, sell it, and do more and better due diligence in the future.Brian Alg said:
People might give you grief because it would probably sell for millions less than the city paid for it. They shouldn't give you grief. But they might.
But it is the right move.
I'd speak out in your defense (on this particular matter) for what that's worth.
Personally I am most upset over our City Manager and assistant recommending the purchase. I would love to see their logical discussion of the purchase and overpaying by 2X. As a real estate agent, I have talked to a number of commercial brokers about this and they just roll their eyes and chuckle.
Thanks for the feedback. Started this thread to be forward looking, please sir. Had to sign off the other one to hold to the policy.
Respectfully yours
Yancy '95
Chrundle the Great said:Bob Yancy said:woodiewood said:Yep. It was a bad and unnecessary investment. As with stocks, if you overpay by 200% and it sits there for years with no dividend and its value goes down, the best thing to do is to lick your wounds, sell it, and do more and better due diligence in the future.Brian Alg said:
People might give you grief because it would probably sell for millions less than the city paid for it. They shouldn't give you grief. But they might.
But it is the right move.
I'd speak out in your defense (on this particular matter) for what that's worth.
Personally I am most upset over our City Manager and assistant recommending the purchase. I would love to see their logical discussion of the purchase and overpaying by 2X. As a real estate agent, I have talked to a number of commercial brokers about this and they just roll their eyes and chuckle.
Thanks for the feedback. Started this thread to be forward looking, please sir. Had to sign off the other one to hold to the policy.
Respectfully yours
Yancy '95
"College station citizens look forward to their council's future response to the current city manager's recent failure"
Fixed it, now it's forward looking.
But seriously I get the desire to turn this into a relative win for the city and save face for the sake of the people you work with. I've been there. Sometimes the real win is to cut your losses and move on. And actually cut them not attempt to lease the property with stings attached.
Boozer92 said:
https://readingterminalmarket.org
Lease small spaces to multiple businesses. Not sure how the mall would feel about a competition to their food court. But a place with lots of food and shopping options with parking close might make sense. Might not even take a loss if you could make 40 or 50 small leases instead of trying to find one big one
Problem is, it has already failed. Like a gangrenous limb, you cut it off and take the loss, lest you lose the whole body. I recognize that the city won't go belly up because of this, but it will NEVER be a winner, only less of a loser.Bob Yancy said:Boozer92 said:
https://readingterminalmarket.org
Lease small spaces to multiple businesses. Not sure how the mall would feel about a competition to their food court. But a place with lots of food and shopping options with parking close might make sense. Might not even take a loss if you could make 40 or 50 small leases instead of trying to find one big one
I've been there! Had a very large health system client covering Philly and all of Pennsylvania for years. They do these clustered village style markets really well. Not certain it would work here, but I love the feedback.
Definitely a private sector play. Truthfully everyone is basically right on this thread. Private sector is so much more efficient than government or public sector. Probably best to just let the market do its thing. That's my core belief- just can't stand the thought of failing.
Such a unique situation. Ugh.
We get more KC and Philly for the Super Bowl again.
I love how when it comes to Post Oak Mall it's don't care, c'est la vie, but when you talk about Northgate's redevelopment people get up in arms about "preserving" it.The Brazos Kid said:
Truck Stop!
I kid…
I see the whole property at some point being demolished and rebuilt into a combination of condo/apartments and retail/entertainment. We can include Pickleball somewhere in there.
As for Macy's space itself: sell to the highest bidder and let the chips fall where they may…
skeetboy3 said:
My preference is to sell it, even at a loss.
Thoughts on what might be useful for the public:
1) fine arts center for CSISD
2) CSISD admin building as another poster mentioned.
3) Voced facility for CSISD
4) business incubator hub
5) Non-profit hub similar to the COG center in the old Bryan Winn/Dixie
I appreciate you being willing to come here and seek our thoughts and to try and salvage the situation. I think we are at a point where it's time to move on unless we can get CSISD, TAMU, Blinn, or the county involved. Unfortunately all of those prevent any tax revenue from being generated. However, the cost savings in construction might make it balance out for the citizens overall. Too bad we already built the new city hall and police department, this could have fit the bill. If there are any talks of expansion of either facilityor any other department, I think using this space makes more sense
Bob Yancy said:skeetboy3 said:
My preference is to sell it, even at a loss.
Thoughts on what might be useful for the public:
1) fine arts center for CSISD
2) CSISD admin building as another poster mentioned.
3) Voced facility for CSISD
4) business incubator hub
5) Non-profit hub similar to the COG center in the old Bryan Winn/Dixie
I appreciate you being willing to come here and seek our thoughts and to try and salvage the situation. I think we are at a point where it's time to move on unless we can get CSISD, TAMU, Blinn, or the county involved. Unfortunately all of those prevent any tax revenue from being generated. However, the cost savings in construction might make it balance out for the citizens overall. Too bad we already built the new city hall and police department, this could have fit the bill. If there are any talks of expansion of either facilityor any other department, I think using this space makes more sense
That's tremendously helpful thank you. The CSISD angle I hadn't thought of and you're the second to mention it albeit you have more uses proposed.
We are building a new $40 million dollar Public Works facility that I oppose. I think that needs to be drastically scaled back. Drastically. But the mall is not a fitting location for that. But I'll make calls tomorrow on CSISD just to see. Blinn too.
Thanks
Hornbeck said:
Thanks for the reply, Bob. Really appreciate you engaging with us.
Blue Star for you señor.
Murdoch's doesn't even connect to the mall. Maybe they expanded into the recently-vacated Conn's...skeetboy3 said:Bob Yancy said:skeetboy3 said:
My preference is to sell it, even at a loss.
Thoughts on what might be useful for the public:
1) fine arts center for CSISD
2) CSISD admin building as another poster mentioned.
3) Voced facility for CSISD
4) business incubator hub
5) Non-profit hub similar to the COG center in the old Bryan Winn/Dixie
I appreciate you being willing to come here and seek our thoughts and to try and salvage the situation. I think we are at a point where it's time to move on unless we can get CSISD, TAMU, Blinn, or the county involved. Unfortunately all of those prevent any tax revenue from being generated. However, the cost savings in construction might make it balance out for the citizens overall. Too bad we already built the new city hall and police department, this could have fit the bill. If there are any talks of expansion of either facilityor any other department, I think using this space makes more sense
That's tremendously helpful thank you. The CSISD angle I hadn't thought of and you're the second to mention it albeit you have more uses proposed.
We are building a new $40 million dollar Public Works facility that I oppose. I think that needs to be drastically scaled back. Drastically. But the mall is not a fitting location for that. But I'll make calls tomorrow on CSISD just to see. Blinn too.
Thanks
Thank you, what about the public works facility makes this property inappropriate? It doesn't "fit" a mall's vibe, but offices could be put in and a service bay could be put in with modifications similar to what Murdoch's did. I don't think malls will have a "vibe" much longer.
Hi, Bob. Where is this being built?Bob Yancy said:
We are building a new $40 million dollar Public Works facility that I oppose.
MeKnowNot said:
Have you considered using the location for a new public works facility?