[RP TownTalk] Town Center of Dreams

[bruce.wernek at mindspring.com]

FYI

$25/sq ft equates to $3333/month for 1600 sq ft.  I don't know about you, but this is big money for me.  

Bruce

-----Original Message-----
>From: Alice Ewen Walker <alice at ewenwalker.com>
>Sent: Sep 12, 2007 11:14 PM
>To: "JayRite at aol.com" <JayRite at aol.com>
>Cc: towntalk at riverdale-park.org
>Subject: Re: [RP TownTalk] Town Center of Dreams
>
>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.
>>
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