Bryan Schwegler wrote:Bad handling and secrecy around a major project would cause the downfall of anyone. If George wasn't already so far behind right now, I'd say his handling of the Kaufman park issue would have done him in. It's made Mayor Cain look like a statesman in her handling of the West End.
The saddest part of this whole episode is that the conduct of the Mayor and Mr. Jordan may have ruined a unique development opportunity.
As recently as six months ago the Drug Mart Plaza was valued at a reasonable $2 million. That would have implied a value of around $10 million for Kaufman Park. Those values would have now been skewed to the point that the development may be still born.
The Corral Group recently spent $16.4 million for a 12 acre development in South Euclid, about $1.3 million per acre. The recent sale of Drug Mart Plaza was for $5.7 million or $4.3 million an acre. That implies a value of $30 million an acre for Kaufman Park.
http://www.cleveland.com/news/plaindeal ... xml&coll=2
Can any development in Lakewood work with land cost of $4.3 million an acre?
The group that bought Drug Mart Plaza are experienced real estate developers. What did they think they were buying, the plaza or Kaufman Park?
Are they really stupid enough to pay that kind of price for an aging shopping plaza or were they given assurances of a better deal down the road?
Why the large campaign contribution to the Mayor?
Mayor and Mr. Jordan: What is the dollar value of Kaufman Park? What would be a reasonable sale price?
Perhaps the City should offer the Glitz group the $2 million the plaza is worth. Then the City could develop the entire parcel and sell the completed project to an investor.
Why can't the City control its own destiny? Why are we relying on out of town developers to tell us what a park is worth and what type of development the City should accept?
And: While I am asking questions that will never be answered: Why the 50% increase in overtime cost in the fire department over a ONE YEAR periord?