[RP TownTalk] Wachovia and the Field of Rubble

[Roland Walker]

The new Town Council added a time-out clause to the covenants Caputo
needs to erect the building.

If Caputo doesn't break ground in the upcoming months, the whole deal
is off.  I don't recall the exact deadline -- it was set at one year
after the granting of the covenants.

It is Caputo who has let the lot go to ruin, and Caputo who has
floundered and dragged his heels on getting a development in.

It will be better for the town if the deal falls through; I have no
doubt about that.  The Wachovia development is a spectacularly poor
use of our best retail location.

The town can cite Caputo for the weeds; I don't know why they don't.

R

On Tue, Jul 15, 2008 at 12:00 PM, Dwight Holmes <dwightrholmes at gmail.com> wrote:
> Yesterday, driving by our Gateway (Rt 1@ 410), I couldn't help but notice
> the weeds again taking over, two or three 'yard signs' placed here and there
> advertising something (We buy houses fast! or Donate your car to us!, I'm
> not sure which), and our Farmers Market banner looking rather forlorn,
> sagging to the point of not quite being readable.
>
> And then it occurred to me that the reports on Wachovia have not been good,
> and I wondered what this might portend for the future of our Gateway corner.
>
> And then I saw this this morning in the New York Times:
> "Wachovia, the investment bank, lost 20 percent after a well-known Wall
> Street analyst deemed its prospects "bleak.""
>
> If you ask me, I'd be a bit surprised if they break ground this year.  True
> or not, is there something we can do to make the lot look like somebody
> cares?
>
>
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