Panico properties on Beechurst (hotel, tenants, zoning)

[adam36]

http://www.morgantownwv.gov/wp-conte...rst-Avenue.pdf

Here's the latest from the Board of Zoning Appeals: Panico is adding a floor to one of his dilapidated buildings along Beechurst - directly in the area that he previously said he'd develop with new structures (indicating that he's killed the project). I don't want to speculate too much as to why, but I'd guess his downtown projects have not been as profitable as he'd hoped (the Chestnut Hotel and the attached clubs and restaurants).

[elewis7]

Originally Posted by adam36

http://www.morgantownwv.gov/wp-conte...rst-Avenue.pdf

Here's the latest from the Board of Zoning Appeals: Panico is adding a floor to one of his dilapidated buildings along Beechurst - directly in the area that he previously said he'd develop with new structures (indicating that he's killed the project). I don't want to speculate too much as to why, but I'd guess his downtown projects have not been as profitable as he'd hoped (the Chestnut Hotel and the attached clubs and restaurants).

That's exactly what I thought. I will say, though, that the buildings he's added to (this one and one close to it) weren't in bad shape and, coupled with the possibility of sluggish downtown developments, that was the most feasible for him. Can't fault him for that. He is adding (albeit fewer) quality housing, which is good, and in the most fiscally viable way for him. Playing it safe might allow him to focus on maximizing profits from those projects and the ones downtown, which will allow him to then move towards the more blighted of his properties down the road.

[CTMountaineer]

I'd be real surprised if anything in the downtown area (hotel, etc.) has anything to do with the Beechurst development. My hunch is his belief (probably accurate) is that residential development on Beechurst is saturated at the current time except for multi family residences, so he is heading in that direction. Only so much growth in terms of student head count can take place on the downtown campus, and with current and projected developments there will be plenty of existing housing without any further developments. He'd be foolish to invest money in something for which there are no tenants.

It does sound as though he will improve the structure for which the additional units are planned, which should be okay. My hope is that if he owns those other crap buildings in that area he tears them down. Any constructive alternative use would be an improvement.