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Land hoarder strikes again!

GRDadof3

By GRDadof3
in Grand Rapids

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NorthEnder Hamlet

NorthEnder

Posted
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On this particular property I'm not even sure what his angle is. He didn't want to sell the property outright, so he sold a permanent easement which made the land itself worthless. But now he's "sold" it for a lot more money than he paid for it, but backed out at the last minute? He's giving up a profit on an essentially worthless piece of property. Why would any rational person do that?
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twoshort Town

twoshort

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What I question is how Azzar makes money on his properties. Sure, he's probably flipped some for profit, but his holding costs on buildings like the Keeler have to be pretty high. It's got to be costing a lot in taxes to just let the building sit there vacant. You'd think the holding costs would be an incentive to either do something productive with his properties or sell them.
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cityslicker Whistle-Stop

cityslicker

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PS: The gentlemen is very wealthy and didn't need the 10% at all. But I guess that's how you get wealthy and stay wealthy. (I can't operate that way, so I'll never be rich :P )

Wealth is no indicator of bad business practice! ;)

Azzar's 'strong-handed' approach to real estate does not work in West Michigan. I believe that there are many developers (some on our board) that could generate a much better return on these deals than Azzar ever will. And at a certain point people will just stop doing business with him all together.

In the meantime, Dave, fight the good fight!

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cityslicker Whistle-Stop

cityslicker

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We have filed for breach of contract, however, we have also filed for damages. In this case the damages are significant here. Lighthouse paid $20,000 for a Capital Campaign feasibility study. As a part of this study over 80 interviews were conducted regarding our park plans. These interviews were with every major foundation in the City, and a myriad of major potential donors. Our study showed that we had the capability to raise $2.5 million for our park. We had received $150K in commitments already. All of this is lost right now because of his breach of contract. One could reasonably make the case that Azzar, cost us more in damages than what we were under contract to pay him for the park. I don't think it would happen...but wouldn't it be poetic justice if Azzar was ordered to sign the park over to us plus pay us money because the damages were more than the $550K we were scheduled to pay him? One can wish.
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cityslicker Whistle-Stop

cityslicker

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I just found this:

http://www.mlive.com/printer/printer.ssf?/....xml&coll=6

Is this the same guy that sued Steelecase and was awarded a large payout (Millions)??? I am trying to dig up the paperwork to suffice this...but maybe someone in here has the scoop.

Google his name +lawsuits and there are five pages of info...YIKES.

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MiGuyz Whistle-Stop

MiGuyz

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I think I officially coined the phrase "Azz-hole" a couple of years ago when referring to him. This guy is scum of the earth and has been on my radar ever since the city clashed with him after he bought the Grandville Firestation and didn't hold true to his plans.

He truly is one of these people you would love to meet in a dark alley- blunt object in hand. ;)

Joe

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GRDadof3 Ecumenopolis

GRDadof3

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I have noticed that personal attacks on this board are becoming more frequent and sometimes targeted toward other UP members. The attacks should stop. This thread -- with its violent suggestions -- is embarrassing. Personal attacks make the urban living discussions on this board less relevant and take away from the more important issues about what is actually happening in our city.

Where are our moderators?

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MAU Whistle-Stop

MAU

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I have noticed that personal attacks on this board are becoming more frequent and sometimes targeted toward other UP members. The attacks should stop. This thread -- with its violent suggestions -- is embarrassing. Personal attacks make the urban living discussions on this board less relevant and take away from the more important issues about what is actually happening in our city.

Where are our moderators?

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Veloise City

Veloise

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Posted
I have noticed that personal attacks on this board are becoming more frequent and sometimes targeted toward other UP members. The attacks should stop. This thread -- with its violent suggestions -- is embarrassing. Personal attacks make the urban living discussions on this board less relevant and take away from the more important issues about what is actually happening in our city.

Where are our moderators?

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joeDowntown Metropolis

joeDowntown

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Give me a break guys- It was a joke. Was it P.C.? No. But in the three years have I been here I don't remember one time that I have actually beaten up a developer. Except maybe that one time I blacked out and don't remember what happened for eight hours.

Take a deep breath, laugh a little and realize that the reason we all keep coming back to this site is because of our love for the city, not "true" hatred toward any one "developer".

Joe

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