Restaurant, offices, apartments one proposal as buyer is sought
SALISBURY -- The downtown site of a local furniture company turned antique dealer could see significant renovations in the future to include a restaurant and office space or apartments, according to a concept plan from Temco Builders.
The Feldman's furniture building was condemned last year after city officials discovered numerous code violations -- including toxic mold, a leaky roof and nonfunctioning emergency exit signs -- as a safety hazard to patrons and dealers. But owner David Miller has yet to make serious changes and has his hopes pinned on a sale.
"We are currently negotiating with the owner and the lending agency to put together a temporary rehab plan that will, in effect, make the property more presentable while there is an attempt made to transfer the property," said Tom Stevenson, director of Salisbury's Department of Neighborhood Services and Code Compliance.
Miller and code enforcement officers began work on the property's exterior Monday. Stevenson said the inside is not a concern at this time. The maintenance is being done at the expense of the current owner, who said one of three interested buyers may take over the property soon.
"We have a very interested group of buyers that want to have an antique store there, plus a restaurant and some offices," Miller said.
As to the progress of the sale, he and other parties involved declined to comment.
"It's over when it's over," Miller said.
Regardless of the sale, Miller said exterior modifications will be made, if only just to make the property more appealing to a buyer.
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EDITORS NOTE: I have already made the attempt to purchase at least 1/3 of these buildings and the Bank of Delmar turned my offer down. In fact, they replied with a counter offer almost three times higher than my CASH offer, pretty much what Mr. Miller owed the Bank for the entire property.
This plan is absolutely NO DIFFERENT from Urban Salisbury's BS plan to make everything "look good" for Downtown Salisbury. Get a couple of artists to draw you up something really nice but what the IDIOTS at the Daily Times neglects to mention is the massive parking issues this would create and it's a BS pipe dream.
"The parcel is for sale for $1.1 million, and Dashiell estimates renovations could cost $2 million to $3 million. But it would be worth it, according to Dashiell, whose company has done renovations for the Lofts at Manhattan Square, One Plaza East and Metropolitan Magazine." Mr. Miller only owed the Bank $350,000.00, or so. Now, of course, the Bank wants to screw their stock holders by holding out on a piece of property they feel they can do catch up on bad loans with. Stupid is as stupid does.
Maybe one day the Daily Times will do their homework. Oh, that's right, unless the story is handed to them any more, they don't deliver any more investigative reporting. THERE IS NO PARKING DOWN THERE!
I know I don't liv over there but isn't there a really large parking lot almost adjacent to these properties and a parking garage a few blocks away?
ReplyDeleteThe Bank of Delmar turned ur offer down?? I wonder why since x=mayor Tilghman husband is and officer there.
ReplyDeleteWE turned it down because Joe was dreaming. Anyone can steal something, real business people understand a FAIR offer.
ReplyDeleteanonymous 10:30, aka Bank of Delmarva. Let's leave it up to the people to decide.
ReplyDeleteThe man owed $350,000.00 and defaulted on his loan. I offered $100,000.00 CASH, no contingencies and stated I could close the same day.
Mind you, this space has NO PARKING and ALL Banks are in a desperate cituation where cash buyers like me are very few and far between.
The Bank came back saying they wanted $365,000.00 for that space, more than what was owed on ALL of the Feldman's property. It's less than 1/3 of the space and would have left the Bank that much closer to collecting their total debt.
Mind you, they may not LIKE the offer but their counter offer was an absolute joke and proves 100% exactly why I refuse to do ANY business with any Banks.
What's your come back now Bank of Delmarva?
I would never accept a 33% offer on a property cash or no. Its just way to low. You low balled them and they high balled you. Thats business. You should have come back at 125,000 and so on and so on. If you were just jerking their chain, then you got yours jerked back.
ReplyDeleteBuying the property isn't the problem, if you make a serious offer. The real problem is the cost of turning dilapidated buildings into something useful.
ReplyDeleteUnless you've got super deep pockets stay away from this one.
Joe...a wise old man once told me, "The best deals I ever had were the ones I didn't do!"
ReplyDelete10:59-I, for one, prefer them high and tight.
ReplyDeleteWord on the street is Temco is broke.
ReplyDeleteSeems to me Dashiell is going at this as he has with other projects to borrow a phrase from one of their own people lets make chicken salad out of chicken sh!t. Paint a pretty picture for everyone and maybe we can make a boat load and screw them over in the process. As far as the parking down there there is none for the size of the buildings. Under the current codes if you were to try to build a property this big it would get turned down because of parking alone.
ReplyDeleteWhat other building would they put shops and restaurants in? All the other downtown buildings are dry, tight, and 100% occupied with residents, stores, and offices!
ReplyDeleteDaahhh Daahhhh Deee Dduummmmm