Post #787070 by finky099 on Tue, May 22, 2018 10:33 PM

On 2018-05-20 14:33, AceExplorer wrote:
I thought it was already sold and slated for re-development. Interesting how these things work. So the property sits idle without a tenant until they get it sold, then idle again for many months through the design and permitting processes until someone finally begins construction on something new. Or - maybe they're really just looking for a higher-dollar tenant, like a single-story high-end steak house or something? Hey -- a sports bar -- you never have enough sports bars.......... Ha!

Hard to say if the current owners have filed any permits with the city regarding redev, but in this case it's probable that the seller isn't a developer and wants to cash in on their opportunistic purchase a few years back by selling to someone who can capitalize on the property's "highest and best use", which is probably complete redevelopment of the site into mid- or high-rise resi. It's a cleaner sale if the building is empty than for a new owner to deal with a brand new lease, hence the seller strategy to jack the rent to make it worth holding on to or vacate the premesis to expedite redev. :/

I'm looking forward to finding out where Don's is going to relocate....eventually.

[ Edited by: finky099 2018-05-22 22:34 ]