[RP TownTalk] issues with Wachovia development

[Roland Walker]

Hi all,

Joseph Caputo has submitted a formal proposal to develop the corner of
Route 1 and E/W highway as a Wachovia bank.  This proposal is
scheduled to come before the MUTC committee tomorrow night
(Wednesday).

Because of the history of that corner, it really hurts to say this:
Caputo's proposal is terrible, and should denied.

That corner is the single most visible gateway to Riverdale Park. 
Caputo propses an enormous parking lot, several drive-through lanes,
and a tiny bank building.  It is hard to imagine a less effective use
of prime commercial real estate at a busy corner, one mile from the
county's largest employer.  The proposal would *reduce* the square
footage of commercial square footage we have at that corner already,
never mind the buildings he has already knocked down.

I see no reason to list specific criticisms of the proposal.  It is
all completely opposite to the MUTC zoning, in letter and spirit.  The
proposal is all asphalt.  Really.  And if the customers are using the
five drive-through lanes, why do they need the forty parking spaces? 
There would a lot of *empty* asphalt.

Riverdale Park needs commercial square footage occupied by taxable
businesses.  Not a sea of asphalt.

Caputo bought that property just before MUTC came into effect.  He
rushed to get a deal made with Eckerd Drug before the date at which he
would need to follow the new zoning.  He knew at the time that if his
deal fell apart, he would fall under new, radically different rules. 
He did not get all of his ducks in a row, and the Eckerd deal died.

Now, with a notable degree of arrogance, Caputo is asking us to toss
our zoning out the window so that he can build a smaller version of 
his original development.  MUTC zoning would allow a six-story
commercial/office complex at that corner -- something that would be a
visible asset to the town, and most importantly, to our tax rolls.  At
the very least, we could have a nice three-story office building like
the JD Williams building across E/W Highway.

By his own account, Caputo does not have the resources or expertise to
build a larger, multi-story project.  After strong requests from the
MUTC committee that he consider a multi-story building, he stated that
he could not afford an elevator, and could only offer to add a
two-story facade.  A facade doesn't do anything for our tax rolls.

I am comfortable predicting that a developer that can't afford an
elevator can't afford to create a quality project on that site. 
Caputo has held that land for years now; he can sell at a profit.

We should encourage him to move on.  There are a lot of developers who
would love to build on that corner.

Wachovia is a good company; it would be great to keep them as part of
a future project.

R