Main at Broad parking lot site.

[gman430]

Multiple developers did bid on the site. Interviews will be held next week with each of them. After that, a final decision will be made on who to go with. 

[gman430]

Two of the bids will be going in this Friday. It got slightly extended to let the developers fully submit them. Exciting times ahead. Grab your hard hats, apaladins, drones, and tower cranes. 

[GvilleSC]

14 hours ago, gman430 said:

Two of the bids will be going in this Friday. It got slightly extended to let the developers fully submit them. Exciting times ahead. Grab your hard hats, apaladins, drones, and tower cranes. 

I had a dream last night that you broke the news to UP that the winning proposal was a collection of low rises (2-3 stories). 

[cabelagent]

On 10/26/2023 at 9:03 AM, GvilleSC said:

I had a dream last night that you broke the news to UP that the winning proposal was a collection of low rises (2-3 stories). 

That's a nightmare ...not a dream   

[gman430]

Multiple offers came in above pricing guidance. However, the owner has decided not to sell the site for right now and bids will be going back out either in Q2 or Q3 2024 to buy it. CBRE and the bidders aren’t too thrilled with the news as you can imagine especially with all of the work they put in. Baffling I know. 

Edited November 16, 2023 by gman430

[apaladin]

8 hours ago, gman430 said:

Multiple offers came in above pricing guidance. However, the owner has decided not to sell the site for right now and bids will be going back out either in Q2 or Q3 2024 to buy it. CBRE and the bidders aren’t too thrilled with the news as you can imagine especially with all of the work they put in. Baffling I know. 

Hope they zero offers next time. Greed rules the world. 

[gman430]

2 hours ago, apaladin said:

Hope they zero offers next time. Greed rules the world. 

They probably got scared due to all of the stupid new red tape rules by the city developers have to go through to get anything built here. 

[apaladin]

40 minutes ago, gman430 said:

They probably got scared due to all of the stupid new red tape rules by the city developers have to go through to get anything built here. 

That wouldn’t effect the seller woukd it, just the buyers/developers. 

[vicupstate]

2 hours ago, apaladin said:

That wouldn’t effect the seller woukd it, just the buyers/developers. 

The only potential affect would be the price being offered, yet there were offers that exceeded the threshold.  It is possible that the buyer would make a purchase conditional upon city approvals. Obviously the seller could decline to accept that condition though.   

Given the new zoning is in effect already, they know what is allowed and I disagree that it would be a factor in the sellers decision. 

Obviously if the sellers wanted to make an easy buck, they could have sold any time over the last 20 years.  The longer they hold out, the more they will make.  

[vicupstate]

7 hours ago, gman430 said:

They probably got scared due to all of the stupid new red tape rules by the city developers have to go through to get anything built here. 

The Board of Architectural Review (BAR) in Charleston, the equivalent of our DRB, requires three approvals of any project.  So you're looking at three meetings to get an approval once submitted and that is if it gets approved at each vote, which almost never happens. If a zoning change  or land subdivision is required, that is a different board and requires an approval there as well.  Demolitions require a separate approval by the BAR altogether and are very difficult to get. If a historic structure is within the footprint of aa project, it will most likely have to be moved or your project will have to incorporate that structure into the design or build around it.  In addition to the city itself, there are multiple Historic and neighborhood associations to deal with. The two most prominent are the Preservation Society and the Historic Charleston Foundation.  Both have full time paid staffs, including lawyers,  and millions of dollars at their disposal.   Their board members include a 'Who's Who' of prominent and powerful  citizens.  The Historic Charleston Foundation kept the Charleston Place Hotel project in litigation for several years until it was settled out of court. From the time the project was first proposed to completion was more than a decade. 

 

       

[distortedlogic]

11 hours ago, apaladin said:

Hope they zero offers next time. Greed rules the world. 

You're spot on with the bold, unfortunately. However, doesn't an owner have the right to sell or not when they are ready? If I put my house up for sale and I don't like the offers or think I can get more by waiting a year, don't I have the right to wait?

[gman430]

The for sale signs have been removed. Sucks but it is what it is. Hopefully sometime next year this site goes back up for sale.