Lighthouse Project Updates

[GRDadof3]

This one kind of blows my mind. I looked at Huff recently for a client and advised them not to pursue purchasing the property. The floor plate was way too chopped up for what they wanted to do and there are about 3 or 4 different levels in the building with not very good potential for accessability upgrades.

Frankly I can't see that building being worth more then 800k and that is probably stretching it a bit. An offer for 1M on that building is insane if you ask me. I think the property is far more desirable then the structure itself.

I'd like to hear Dave's take on the Huff building

Nitro

I think both Dave's and Redstone's proposals are to tear the school down? With that piece of property to the South, and vacant land in the back of the neighborhood off of Aberdeen, it's probably what, 20 - 30 acres at least? Right across from a great park too, and Holwerda has successfully sold a bunch of affordable homes just to the North of there. I would think that with the Charter school right over on Leffingwell, that area is well served by charter schools Sorry, we'll wait to hear from Dave hopefully

[ModSquad]

This one kind of blows my mind. I looked at Huff recently for a client and advised them not to pursue purchasing the property. The floor plate was way too chopped up for what they wanted to do and there are about 3 or 4 different levels in the building with not very good potential for accessability upgrades.

Frankly I can't see that building being worth more then 800k and that is probably stretching it a bit. An offer for 1M on that building is insane if you ask me. I think the property is far more desirable then the structure itself.

I'd like to hear Dave's take on the Huff building

Nitro

In our due dilligence, the building was not salvagable. We were going to raze it. Because of this, it really lowered the value of the property. In regard to the site a fairly significant amount of the land is unbuildable due to wetlands. Our plan called for anywhere from 45-60 condos clustered on the lot. If Redstone can do it for $1,000,000 kudos to them. However, seeing what they did on the ridges along the Beltline with those very high end condos indicates to me that they can deal with a difficult site.

As far as the neighborhood feeling as though they we not communicated with...because this is a "public" school the offers, even though they were options and not actually offers, had to be public. This makes the whole process quite absurd. Most developer's worth their salt have long term options to complete due dilligence which includes a myriad of zoning and planning meetings with neighbors and the City. This would have happened on Huff, but of course it never got to this point because of all the NIMBY.