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15-year lease for $14 per square foot per year. Nothing unusual about either of those numbers. Typical Class A space in the Triangle is $25-30 per square foot per year, typical warehouse space is $5 per square foot per year. Some of the DMV space is office space, some is warehouse.
15-year lease for $14 per square foot per year. Nothing unusual about either of those numbers. Typical Class A space in the Triangle is $25-30 per square foot per year, typical warehouse space is $5 per square foot per year. Some of the DMV space is office space, some is warehouse.
Except according to local news the DMV was not allowed to purchase a building or develop a property which could have been cheaper instead it was only allowed to seek rentals. The property was bought for less that $1.5 million. So the property owner will be receiving an extremely good return on investment. Wildly good return on investment.
On another website a DMV employee posted about this relocation about a month ago, seemed to have some interesting insider intel:
"The building that they are moving to is owned and leased out by a good friend of the governors. (coincidence, I think not). He is also originally from rocky mount and had mentioned in the past wanting to bring more jobs to Rocky Mount.
They are going to be paying over 2 million dollars each year for the lease....but claim its the lowest bid. It is in a flood prone area with mold in the building and lead paint. It just doesn't add up. Unless you consider that they simply don't care what the citizens and employees want and only care about giving their friend some business."
I can see why the State should avoid purchasing a building. They have demonstrated that they are not good landlords for themselves. State-owned buildings tend to go to rot.
The State should definitely not be in the routine business of commercial real estate development.
Everybody in Rocky Mount business is friends with the Governor. That's where he is from. Merely being friends is not an indictment; it's just good politics. Remember, 4 Republicans went along with this move and usually they are quick to accuse the Governor of any misstep.
Two million dollars a year may seem big to some people, but it's chicken feed in the big picture. My point was, the price makes sense in terms of comparables. If one of the other bidders feels aggrieved, they can go to court.
As for flood-prone, yes it flooded once (and only once, despite multiple hurricanes). So did a lot of properties in Raleigh at that time. Frankly anything along or east of I-95 is flood-prone. So are many properties in the NC mountains. Lead paint seems unlikely to me, given the age of the building. Mold or mildew, that's a serious consideration if true; I'd like to see current photographic evidence. It would probably be of interest to the former tenant, a bank.
And now the NC Senate proposes to move the DHHS HQ from the Dix campus in Raleigh to north Granville County. The State Employees Association says "up to 2000" jobs could be included, although SEANC has already stated its opposition so you have to view their estimate with some skepticism. Nevertheless, it's a lot of jobs... potentially more than the DMV move to Rocky Mount.
And now the NC Senate proposes to move the DHHS HQ from the Dix campus in Raleigh to north Granville County. The State Employees Association says "up to 2000" jobs could be included, although SEANC has already stated its opposition so you have to view their estimate with some skepticism. Nevertheless, it's a lot of jobs... potentially more than the DMV move to Rocky Mount.
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