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Location: Earth, a nice neighborhood in the Milky Way
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Quote:
Originally Posted by Hollytree
Maybe we should just revive the Providence Grays in the old Pawtucket stadium. After all, that was our local team.
The trouble with that is, the name "Providence Grays" has been controlled by the Pawtucket Red Sox since 2000. Think Larry Lucchino will relinquish the name???
Location: Earth, a nice neighborhood in the Milky Way
3,799 posts, read 2,698,580 times
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Quote:
Originally Posted by redplum33
I disagree. That said, would 10 million less have made a difference?
So, you think a guy looking to extract the most amount of money from a piece of property he owns should instead help further the business interests of an ownership group worth $8-10 Billion?
I disagree. That said, would 10 million less have made a difference?
The irony is that his greed likely backfired. Ten million for the stadium was more than he ever could have reasonably expected from any other potential buyer. His initial asking price of 20M was totally ridiculous. In the end, with the Pawsox leaving the city and another large nearby facility headed toward possible vacancy, the "real market" price of his Apex property will decline even more now.
I still however hope the city and its assessor somehow use his asking price as one of the determination factors at the next property revaluation.
The stadium negotiation is just one of many instances where Gates has had conflicts with the city. There have been ongoing issues for years. He has not been a good partner for the City of Pawtucket.
Location: Earth, a nice neighborhood in the Milky Way
3,799 posts, read 2,698,580 times
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Quote:
Originally Posted by ormari
So, you think a guy looking to extract the most amount of money from a piece of property he owns should instead help further the business interests of an ownership group worth $8-10 Billion?
The two parties include Andrew Gates of Apex Development Company who purchased the property for $24 million and a number of members of the prominent Fain family, who previously had ownership interest in the property.
Gates’ entity purchased the property in December of 1998 according to city tax records and the property is now assessed at just under $4.3 million — a drop of nearly $20 million in value.
The trouble with that is, the name "Providence Grays" has been controlled by the Pawtucket Red Sox since 2000. Think Larry Lucchino will relinquish the name???
Can we spell it Grey? ha.
OR
think of a new name:
The Pawtucket Millers (Slater Mill)
Pawtucket Industrials
Providence Independents
Your suggestions? What's a baseball team- some strong guys (or girls) who can hit a ball, and have some financial backers- how hard can it be?
Absolute laughable premise to think that a property that has been mostly empty for years and currently has the Ministerios Nuevo Pacto church (operating in the former Apex store garden center area) as one of its largest tenants is presently worth 20M.
If someone really believes that, contact me as I have a bridge to sell you.
Location: Earth, a nice neighborhood in the Milky Way
3,799 posts, read 2,698,580 times
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Quote:
Originally Posted by cjseliga
I thought it had something to do with the land? Didn't the new owners want the city/state to donate the land (old I-195 ROW) for them to build a new stadium in Providence or have like $1/year lease for the land and there might have been some other tax benefits as well, like asking the state for a $4 million annual subsidy and a waiver of real-estate taxes, in return for them paying for the entire ballpark by themselves, but it fell through or they said no?
At least Providence still has the Bruins, one of only 4 AHL teams left in New England. Remember when Worcester, Lowell, New Haven, Portland and Manchester had AHL teams?
You've got it right, but those demands appeared later. The team initially over-promised what they would do and under-represented what they wanted the city and state to do. That immediately ruined chances they would build public trust.
I know some folks are really upset we didn't throw "enough" money at the team, but I side with those who think we were right to draw a line in the sand.
The sad reality to all of this is that RI did not have to offer anywhere near as much as Worcester to have kept the team. If the state had approved the original bill a year ago, the Pawsox would have signed on then and Worcester/MA would not have had the opportunity and time to put together such an attractive offer. RI political dysfunction brought about this result. In the end, a private enterprise that was willing to make a 45M capital investment in the state will be forever lost.
The sad reality to all of this is that RI did not have to offer anywhere near as much as Worcester to have kept the team. If the state had approved the original bill a year ago, the Pawsox would have signed on then and Worcester/MA would not have had the opportunity and time to put together such an attractive offer. RI political dysfunction brought about this result.
Wrong. The RI politicians finally grew a set and actually saved the state from another gaffe. It's minor league baseball people.......get over it already.
So, you think a guy looking to extract the most amount of money from a piece of property he owns should instead help further the business interests of an ownership group worth $8-10 Billion?
He wouldn't have been doing anyone (but himself) any favors by accepting 10 million for the property.
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