[RP TownTalk] Town Center of Dreams

[Alice Ewen Walker]

As I recall, Marc's correct that the contract the town struck with
Jemal had penalty clauses and timelines all tied to the physical rehab
of the buildings, but nothing regarding when they would be leased.
Also, the contract is specific to the buildings in the Town Center
parking lot -- not to the bookstore or to the Dorsey building, which
were separately purchased from private owners.

I personally like the idea of community ownership, though I'd agree
with Bruce that the town should weigh seriously its ability to
directly administer something like this. Old Greenbelt is a nice
example of a community-managed property that has neighborhood serving
businesses.

On rates, here is what we were told by Mr. Jemal.  If you call up to
inquire, the rate is around $30 a s.f., but for the right tenant and
terms, Mr. Jemal is willing to drop to $25. For an outstanding tenant
that will drive change/transformation, they are willing to charge
based on a % of gross sales in lieu of rent.

I agree with Alan's post that the town has got to be willing to reject
projects that don't meet community vision. Hyattsville rejected
something like 8 or 9 major projects before EYA came along. I bet that
taken individually, many of those rejected projects appeared to be
unobjectionable in isolation, but they weren't going to create the
desired future condition.

Alice



> If I remember correctly, the Town attached covenants to the deed when
> the properties were sold to Douglas Development (aka Jemal).  I don't
> think there is an on-line version of these, but you could ask for a
> copy from the Town.
>