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massdee
Moderator
5299 Posts |
 Posted - 01/03/2009 : 4:27:21 PM
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I was just at Stop & Shop. There is a sign on the old city yard building, For Sale or Lease 6 Acres zoned Business, Industrial, Commercial.
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Tails
Administrator
2682 Posts |
Posted - 01/03/2009 : 6:28:49 PM
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I saw that too, and thought....... "For Sale???" It's not very clear to me, because the sign says six acres??? I don't think the city yards is six acres, so what the heck is he selling?
"blatantly, gone are the days" |
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massdee
Moderator
5299 Posts |
Posted - 01/03/2009 : 7:35:58 PM
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| I wonder how much he is selling it for? He just bought it from the city for $3.5 million. |
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Tails
Administrator
2682 Posts |
Posted - 01/03/2009 : 7:44:25 PM
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I thought we couldn't get more than 3.5 million for that. Remember the common council meeting, when the know it all's, all said we had to do this and the values went down?
It does not make any sense to me, to buy a building, and turn around and sell it a few months later, for less money. Something is not right, and the acreage is six acres. Is he selling the old city yards AND the old Adam's Furniture building? I thought that was for the enclosed building for Wood Waste? It would be really nice if he would pack up Wood Waste and get the hell out of dodge, then we can have our city back.
"blatantly, gone are the days" |
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massdee
Moderator
5299 Posts |
Posted - 01/03/2009 : 8:02:05 PM
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I think the acreage down there is 5.6. He might have rounded the figure off. That really doesn't bother me, that issue would be taken care of between the seller and buyer.
I would think that the price would be well above the 3.5 million he paid for it. He had been in litigation with the city over that property, I am sure he will want to try and recoup some of his attorney fees. |
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whynot
Member
47 Posts |
Posted - 01/04/2009 : 07:25:44 AM
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| I think it's Market Forge that is up for sale, if it is behind the city yards, the people who own it have put in up for sale for 4.6 million |
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massdee
Moderator
5299 Posts |
Posted - 01/04/2009 : 07:50:18 AM
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| Market Forge isn't behind the old city yard. It is located across the Parkway from Everett Stadium, behind the tire store. |
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tetris
Moderator
2040 Posts |
Posted - 01/04/2009 : 09:21:53 AM
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OK, the numbers don't quite jive. In the order to authorize the sale of the old city yards (Registry of Deeds, Book Number 51670, Page Numbers 164 & 165), it states that the acreage is 5.906 (+/-) acres. But, if you use the square footage from that document, the square footage of the discontinued portions of East Elm (Book Number 51670, Page Number 166) and Fourth Street (Book Number 51670, Page Number 167) and do the math yourself, the acreage of all the lots in involved in the city yard sale (to one decimal place), using 43,560 square feet per acre, are as follows:
City Yard - 2.4
Salt Shed - 1.4
Touraine - 0.8
East Elm - 0.4
Fourth - 0.6
Total - 5.6
I guess the bottom line though is that no matter which numbers you use, it could still be rounded off to 6 acres. The real question is what does this proposed sale mean in the bigger picture? |
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massdee
Moderator
5299 Posts |
Posted - 01/05/2009 : 10:08:13 AM
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| Isn't the old city yards on contaminated property? I thought MR Thibeault was going to decontaminate and develop that site. I wonder what changed in the few months since he purchased the property from the city. Does anyone know if it says anything in the P&S agreement about cleaning that property up? |
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just wondering
Senior Member
387 Posts |
Posted - 01/05/2009 : 2:02:59 PM
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| Isnt "For Sale or Lease" standard terminology for commercial property? |
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tetris
Moderator
2040 Posts |
Posted - 01/05/2009 : 2:08:02 PM
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| I'm not sure; maybe a lawyer would know. |
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massdee
Moderator
5299 Posts |
Posted - 01/05/2009 : 3:25:44 PM
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| Any lawyers reading, posting or lurking around? |
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just wondering
Senior Member
387 Posts |
Posted - 01/05/2009 : 8:07:32 PM
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| Sorry...I didn't mean to imply it was legal terminology. Just commenting on the fact that on most signs for commercial property availability, "For Lease" is almost always accompanied by "For Sale". I'm not in the real estate business, but it seems logical that putting both on your sign would attract more potential development opportunities. |
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massdee
Moderator
5299 Posts |
Posted - 01/07/2009 : 2:44:13 PM
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| I think most of us were surprised to see "For Sale" since we all thought that "prime" parkway property was going to be developed by the new owner. |
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Cam
Member
82 Posts |
Posted - 01/08/2009 : 12:17:27 PM
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| Nothing surprises me anymore. I don't trust any of them. |
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Topic |
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Old City Yard
