Your op-ed in Sunday’s Daily Times fails to answer important questions about this mess. Like why at the start of the negotiation you did not realize that (as you now claim) more than 5 acres are needed? And why would you believe that the land was ever worth what you propose to pay for it?
It is clear to even the strongest proponent for more parking for the Civic Center that the price of $300,000 per acre (that’s $1.5 Million) for just 5 acres at the corner of Civic Avenue and Glen Avenue is ridiculous, when there is much more valuable land on the market for a significantly lower price per acre. Those “appraisals’” being used to support than amount probably are not worth the paper they are written on, and we have been through the appraisal game before on that land you wanted to buy with open space funds for a park on the Westside. Most real estate pros feel that property is not worth any more now than is was in 2003, and the article below that appeared in the Daily Times tells what happened when they tried to sell the mall at auction back then.
Your main (only) argument for paying an outrageous price per acre is that the State will fund the deal with taxpayers’ money. That’s not a reason – it’s a very poor excuse. And your position that only certain citizens are entitled to say how public funds should be spent is both elitist and anti-democratic.
Old Mall on Sale
Daniel Valentine. Daily Times. Salisbury, Md.:Jun 6, 2003. p. 8
Copyright 2003 - Daily Times Salisbury, MD - All Rights Reverved
SALISBURY -- An auction Thursday of the old Salisbury Mall failed to attract a single bidder for the city's former retail center.
Though the auctioneer dropped the asking price five times, no developers were willing to make the minimum $3.5 million starting bid for the 55-acre site.
"Is there any interest at all?" Real Estate Broker John Hanenfeld asked the crowd of about 15 developers from Salisbury and other areas.
The potential bidders stood quietly in the mall space once occupied by a Peebles store as auctioneers reduced their opening bid of $5 million to $3.5 million before calling off the sale.
"I don't think we're going to reduce it any more," Auctioneer Bill Bunch told the crowd after he made repeated calls for a bidder.
Hanenfeld said owners have received several private offers for the former retail center on Civic Avenue that they will review. "It's going to be sold," Hanenfeld said.
The silence at the auction Thursday is the latest in the ongoing struggle owners have had with the old Salisbury Mall.
Built in 1967, the mall was the retail center of the city for two decades.
But when a new mall was built on north Route 13 and retail businesses flocked to the new commercial corridor in the 1990s, the shopping center fell on hard times. In recent years, several of the old mall's anchor stores moved out.
Today, the mall is mostly empty except for a few shops and a martial arts academy.
Owners have been trying to sell the mall for several years, along with a proposed residential development off Saint Albans Drive.
Real estate sources in Salisbury say owners had originally asked for $9 million for the property. Tax assessments place the mall's value at about $5 million.
Unable to find a dedicated buyer, owners put the site up for auction.
The pending sale had attracted interest from across the country. Several local developers also had eyed the property, hoping to use the site to build a hotel or commercial complex to complement the neighboring Wicomico Youth & Civic Center.
Several officials in the area say the mall will require extensive work to redevelop, however. Carpets in the building are stained from leaks in the roof and the parking lot outside is cracked.
"It would cost ($3.5 million) just to plow it under," one official said Thursday.
But owners say the mall could become a lucrative investment. Two acres near the site bought for $600,000 in 1997 were sold again this year for $1.1 million.
At the auction, owners also were unable to sell 21 acres already approved for a residential development. The auctioneer lowered the original $3 million starting bid to $1.5 million with no takers.
Bunch, an auctioneer from Pennsylvania, said it is not uncommon for no bids to be made at a real estate auction.
"It isn't like selling antiques or art," he said after the sale. "But it helps get people interested in the property. People come out and see it. That usually leads to a sale."
The auction was attended by several residents who live near the site. Area residents say they are tired of seeing the large building lying dormant.
"It has to be developed," said Virginia Elliott, who watched the non-sale with her husband.
* Reach Daniel Valentine at 410-749-7171, Ext. 320, or dvalentine@smgpo.gannett.com.
It is clear to even the strongest proponent for more parking for the Civic Center that the price of $300,000 per acre (that’s $1.5 Million) for just 5 acres at the corner of Civic Avenue and Glen Avenue is ridiculous, when there is much more valuable land on the market for a significantly lower price per acre. Those “appraisals’” being used to support than amount probably are not worth the paper they are written on, and we have been through the appraisal game before on that land you wanted to buy with open space funds for a park on the Westside. Most real estate pros feel that property is not worth any more now than is was in 2003, and the article below that appeared in the Daily Times tells what happened when they tried to sell the mall at auction back then.
Your main (only) argument for paying an outrageous price per acre is that the State will fund the deal with taxpayers’ money. That’s not a reason – it’s a very poor excuse. And your position that only certain citizens are entitled to say how public funds should be spent is both elitist and anti-democratic.
Old Mall on Sale
Daniel Valentine. Daily Times. Salisbury, Md.:Jun 6, 2003. p. 8
Copyright 2003 - Daily Times Salisbury, MD - All Rights Reverved
SALISBURY -- An auction Thursday of the old Salisbury Mall failed to attract a single bidder for the city's former retail center.
Though the auctioneer dropped the asking price five times, no developers were willing to make the minimum $3.5 million starting bid for the 55-acre site.
"Is there any interest at all?" Real Estate Broker John Hanenfeld asked the crowd of about 15 developers from Salisbury and other areas.
The potential bidders stood quietly in the mall space once occupied by a Peebles store as auctioneers reduced their opening bid of $5 million to $3.5 million before calling off the sale.
"I don't think we're going to reduce it any more," Auctioneer Bill Bunch told the crowd after he made repeated calls for a bidder.
Hanenfeld said owners have received several private offers for the former retail center on Civic Avenue that they will review. "It's going to be sold," Hanenfeld said.
The silence at the auction Thursday is the latest in the ongoing struggle owners have had with the old Salisbury Mall.
Built in 1967, the mall was the retail center of the city for two decades.
But when a new mall was built on north Route 13 and retail businesses flocked to the new commercial corridor in the 1990s, the shopping center fell on hard times. In recent years, several of the old mall's anchor stores moved out.
Today, the mall is mostly empty except for a few shops and a martial arts academy.
Owners have been trying to sell the mall for several years, along with a proposed residential development off Saint Albans Drive.
Real estate sources in Salisbury say owners had originally asked for $9 million for the property. Tax assessments place the mall's value at about $5 million.
Unable to find a dedicated buyer, owners put the site up for auction.
The pending sale had attracted interest from across the country. Several local developers also had eyed the property, hoping to use the site to build a hotel or commercial complex to complement the neighboring Wicomico Youth & Civic Center.
Several officials in the area say the mall will require extensive work to redevelop, however. Carpets in the building are stained from leaks in the roof and the parking lot outside is cracked.
"It would cost ($3.5 million) just to plow it under," one official said Thursday.
But owners say the mall could become a lucrative investment. Two acres near the site bought for $600,000 in 1997 were sold again this year for $1.1 million.
At the auction, owners also were unable to sell 21 acres already approved for a residential development. The auctioneer lowered the original $3 million starting bid to $1.5 million with no takers.
Bunch, an auctioneer from Pennsylvania, said it is not uncommon for no bids to be made at a real estate auction.
"It isn't like selling antiques or art," he said after the sale. "But it helps get people interested in the property. People come out and see it. That usually leads to a sale."
The auction was attended by several residents who live near the site. Area residents say they are tired of seeing the large building lying dormant.
"It has to be developed," said Virginia Elliott, who watched the non-sale with her husband.
* Reach Daniel Valentine at 410-749-7171, Ext. 320, or dvalentine@smgpo.gannett.com.
12 comments:
Being that the developer has failed to doing anything that was promised in a timely manner and will probably never build on the land...why not just take it under iminent domain?
Answer to 10:14 AM - You're thinking sensibly and in this County you don't do that and besides that Rick Pollitt likes to spend money!
This makes that deal Pollitt did for the land on the westside look like peanuts.
I would like to see WHY we need to purchase this property. It is not OPEN air it is a parking lot. If someone has an idea why we need this property please type it here so we can all see it....What are we planning at the civic center that we would have an over abundance of patrons...just need some answers
Buy the whole lot, build a new civic center, make the old civic center into a new government office builing. That way you can sell the alcohol and make an additional million a year that was projected. Then just from alcohol says alone, you can pay off the new building in 35 years.
Folks we can not let this happen, get involved. Call Pollit and tell him how you feel.
JUST SAY NO!
Thats what we needed saturday nite a bunch of drunks with their kids at the monster truck show attempting to get home. Try showing your children you and they can have a great time WITHOUT the alcohol. It works and maybe YOU can remember what fun they had. The children will remember how the parent got drunk and embarassed them in public...and you thought they were having a good time.?
I still don't see the reasoning behind not buying the property besides the price. I think its a good idea but negotiate with the price. It's out of range and then enjoy the civic center if we aren't going to build another one. I agree with buying the lot and charge for the old civic center to be hub of Wicomico county office ...
oh and after the 1.5 mill, how much more money will it take to pave and put in drainage? how about a parking garage where the existing lot is located?
On another note, what do we need a ceremonial court room for and what did it cost?
I think it would be a great spot for a 'Salisbury Town Center' with upscale shops, restaurants.
At least a nice new supermarket like a Harris Teeter.
2 words:
Eminent domain.
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