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GaryP

Azzar

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This guy owns building all over the place downtown. Most, if not all, of the sites he owns just sit and nothing happens to them while he either tries to sell them for ridiculous amounts or doesn

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I found this article which gives some insight...

http://www.woodtv.com/global/story.asp?s=7...lientType=Print

City trying to save historic fire station it sold to businessman

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By Henry Erb

(Grand Rapids, April 4, 2002, 6:44 p.m.) The Grand Rapids Historic Preservation Commission says that what businessman James Azzar is doing to the old Engine House Number Six amounts to demolition. What he's doing is nothing, according to the city.

That neglect is allowing the official city landmark to decay. The Preservation Commission has made a formal finding of that, allowing the city government to restore the building and make Azzar pay for it.....

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There are many strange articles about Azzar:

http://www.google.com/search?hl=en&q=james...G=Google+Search

Many of which involve the SEC, courts, city governments...

I know he owns the Keeler Building, Kendall Building next to the Children's Museum, and the old firestation on Grandville. He is like the Illitch's in Detroit, he bought low and is hoping to sell high. He has no interest in the viability of these buildings. He also wanted the corner of Fulton and Division to be re-built as a parking ramp.

Apparently he owns a plastic extrusion company.

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This guy owns building all over the place downtown.  Most, if not all, of the sites he owns just sit and nothing happens to them while he either tries to sell them for ridiculous amounts or doesn

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There are many strange articles about Azzar:

http://www.google.com/search?hl=en&q=james...G=Google+Search

Many of which involve the SEC, courts, city governments...

I know he owns the Keeler Building, Kendall Building next to the Children's Museum, and the old firestation on Grandville.  He is like the Illitch's in Detroit, he bought low and is hoping to sell high.  He has no interest in the viability of these buildings.  He also wanted the corner of Fulton and Division to be re-built as a parking ramp.

<{POST_SNAPBACK}>

Please excuse my last post I missed GRDad's above...

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From what I understand it is potentially profitable to be a pain in the butt when it comes to development. I dont know if Azzar is one, but apparently there are people out there who buy a site and say they are going to rehab/build on it, but then they never do. If they buy a property for 200K, they can sit on it for 5 years and sell it to someone who will actually build something at 215k. If they do that with ten properties (=150K profit over five years), suddenly they have a pretty good racket going. Since there is no actual work involved, they can do it "on the side" to supplement their regular income. Has anyone else heard of people who do that?

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From what I understand it is potentially profitable to be a pain in the butt when it comes to development.  I dont know if Azzar is one, but apparently there are people out there who buy a site and say they are going to rehab/build on it, but then they never do.  If they buy a property for 200K, they can sit on it for 5 years and sell it to someone who will actually build something at 215k.  If they do that with ten properties (=150K profit over five years), suddenly they have a pretty good racket going.  Since there is no actual work involved, they can do it "on the side" to supplement their regular income.  Has anyone else heard of people who do that?

<{POST_SNAPBACK}>

i see him all the time in the bars. he drinks scotch, we have mutual friends in the business area. i think he dress like prince alot.

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I remember back about 10 years that he wanted to level the Keeler Building and put in a parking lot. Boy, he sure is a visionary when it comes to good urban stewardship. :rolleyes:

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If he is so fired up about parking lots, then it sounds like he is only interested in $$. Parking lots are easy money. We have plenty of enough parking. We need buildings

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i see him all the time in the bars. he drinks scotch, we have mutual friends in the business area. i think he dress like prince alot.

<{POST_SNAPBACK}>

Purple Rain?

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I don't see how sitting on a property for a 15k profit would be feasible. I'm sure property taxes, etc. eat into this cost. I think he is holding out for the big $$$. Speculating that his properties will be the last area of blight in an otherwise renovated neighborhood and that some quality developer will swoop in and buy it for a healthy profit when the time is right.

He's a slum lord. His properties have a lot potential and Azzar does nothing at all to help Grand Rapids. He's a vulture. Better yet, a buzzard. Maybe he'll get run over by one of his firetrucks... j/k ;)

Joe

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Since there is no actual work involved, they can do it "on the side" to supplement their regular income.  Has anyone else heard of people who do that?

<{POST_SNAPBACK}>

My job at Lighthouse is pretty much spending my days trying to rip properties out of the hands of investors like the person described here. Most of what we deal with are residential properties. Most of these folks paid cash for the property, pay absolutely nothing for upkeep, have no utilities, etc. So the little bit of taxes they pay is nothing. There is only one way to someone like this to move their property: start legal action against them. You cannot hit them in their conscience, because ususlly they have none. You have to hit them in thier pocket book. The City is the only entity that can do this. And demolition by neglect charges is the best tool. I wish the city would take this route sooner and more often with problem property owners. Sad to say this type of action also costs the City money, something of which it is in short supply.

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I don't see how sitting on a property for a 15k profit would be feasible. I'm sure property taxes, etc. eat into this cost. I think he is holding out for the big $$$. Speculating that his properties will be the last area of blight in an otherwise renovated neighborhood and that some quality developer will swoop in and buy it for a healthy profit when the time is right.

He's a slum lord. His properties have a lot potential and Azzar does nothing at all to help Grand Rapids. He's a vulture. Better yet, a buzzard. Maybe he'll get run over by one of his firetrucks... j/k ;)

Joe

<{POST_SNAPBACK}>

I do believe this would qualify as a grenade.

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My job at Lighthouse is pretty much spending my days trying to rip properties out of the hands of investors like the person described here. Most of what we deal with are residential properties.

Dave how does lighthouse operate? Do you own houses or just manage them? and how many properties do you deal with in total? I see your signs all over the place.

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Dave how does lighthouse operate?  Do you own houses or just manage them?  and how many properties do you deal with in total?  I see your signs all over the place.

<{POST_SNAPBACK}>

Gary-most of the signs you see are probably for Lighthouse Property Management. This is certainly not us. About 2 years after we had started Lighthouse Properties came into being. They are just a rental property management company.

My company is a non profit housing corporation. We are invovled in A LOT of different types of development, mostly in the Madison Hall area and the Baxter Neighborhood. If you would like to learn more about Lighthouse Communities check out our web site Lighthouse Web Site.

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Heck, if Azzar looks like Prince, he sure is hot.

<{POST_SNAPBACK}>

I havent seen him before, I just didnt get my Prince reference in before the first one.

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I don't see how sitting on a property for a 15k profit would be feasible. I'm sure property taxes, etc. eat into this cost. I think he is holding out for the big $$$. Speculating that his properties will be the last area of blight in an otherwise renovated neighborhood and that some quality developer will swoop in and buy it for a healthy profit when the time is right.

<{POST_SNAPBACK}>

Yep, he's just holding out. A big name from city hall told me that Azzar is one of the most stubborn figures in the city's real estate dealings. Unfortunately he is also very wealthy and can afford to sit on the properties and pay the taxes until offers roll his way.

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