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Wow this city is on fire. Can't wait to visit the museum and its new additions. Still hoping to read some more good news soon on Greenway completion time schedule.
Wow this city is on fire. Can't wait to visit the museum and its new additions. Still hoping to read some more good news soon on Greenway completion time schedule.
With a couple more projects under construction this could be the biggest construction boom that downtown has seen; especially if a high rise office, hotel or residential tower comes to fruition. High-rise construction is the only thing currently lacking.
Some parcels are owned by a company named Pinnacle, Inc. Might be owned by that same family, not sure.
For those with time.......a lot of time, you can look at the secretary of state's website and get a little more info on Pinnacle. There are about 437 incorporated businesses with "pinnacle" in the name so it would be time consuming.
My guess is that they are waiting on an offer too good to refuse which at this point may not make economic sense. Maybe Aflac will want to anchor a new tower on prime real estate. Of course, if this property were to be classified as low income, it may qualify for tax credits and make the project more feasible financially.
For those with time.......a lot of time, you can look at the secretary of state's website and get a little more info on Pinnacle. There are about 437 incorporated businesses with "pinnacle" in the name so it would be time consuming.
My guess is that they are waiting on an offer too good to refuse which at this point may not make economic sense. Maybe Aflac will want to anchor a new tower on prime real estate. Of course, if this property were to be classified as low income, it may qualify for tax credits and make the project more feasible financially.
Seeing as both corners are comprised of a few different parcels and you'd need to buy all the parcels to build something that would give you a good return on investment, I'm betting that one of the owners is the holdup--like you said, waiting for some big payday. With the height restrictions in place, you're limited with what can get built there in the first place so you've gotta be reasonable in terms of expectations.
Seeing as both corners are comprised of a few different parcels and you'd need to buy all the parcels to build something that would give you a good return on investment, I'm betting that one of the owners is the holdup--like you said, waiting for some big payday. With the height restrictions in place, you're limited with what can get built there in the first place so you've gotta be reasonable in terms of expectations.
I'm hoping they would do a variance on the height limit instead of an immediate drop off of 349 ft to 80 ft or less.
I'm hoping they would do a variance on the height limit instead of an immediate drop off of 349 ft to 80 ft or less.
Possibly, but probably not by very much. You can still get a nice development on all of those surface lots at both corners for something around 6, 7 stories at most.
Seeing as both corners are comprised of a few different parcels and you'd need to buy all the parcels to build something that would give you a good return on investment, I'm betting that one of the owners is the holdup--like you said, waiting for some big payday. With the height restrictions in place, you're limited with what can get built there in the first place so you've gotta be reasonable in terms of expectations.
Yep, there is always someone who thinks their property is worth more than it is. And, the height restrictions do make the economics much harder. Could you even do a 10 story building on that site, I am not sure what the specific rules are for the Vista.
It may be a while before we see anything here. But, the good news is that development is happening all around these sites. The new housing on Assembly and DMSB should fill the area with many more people.
Yep, there is always someone who thinks their property is worth more than it is. And, the height restrictions do make the economics much harder. Could you even do a 10 story building on that site, I am not sure what the specific rules are for the Vista.
It may be a while before we see anything here. But, the good news is that development is happening all around these sites. The new housing on Assembly and DMSB should fill the area with many more people.
A letter I wrote to Pinnacle resulted in said person calling me. My letter was about putting trees on the corners and along the property line where possible. Not long after our conversation I noticed the juniper under the last remaining large oak was brown, as though it had just up and died a quick death. That spring the last large oak remained brown. I eventually wrote a letter to the city's forestry division to call it to their attention as an eventual hazard, and a couple of weeks later I saw it being taken down.
Not long afterward I attended a "What do we want the Vista's future to be" forum and said person was there. During the forum I, of course, had my say about the Vista in general and referred to the two oceans of asphalt being the first thing you see when you enter the area, and when said person had his say, said person referred back to my phraseology and I think mentioned something about revenue or the need for parking or something to that effect. And there the properties still sit. Perhaps the family is either holding out for a big payoff or just perhaps hasn't fully bought in to the Vista's boom. No one I've talked to has ever mentioned any offers being made on the property, so maybe developers and investors feel that now isn't quite the time as far as getting the best return on their dollar is concerned.
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