Re: [Mpls] Guthrie Land Sale: More fun with numbers.....
Quoting Craig Miller [EMAIL PROTECTED]: The Minneapolis Rubes are getting taken again. In the real estate world we call vacant or buildable land dirt. 'How much is the dirt?' Well, out here in the sticks, dirt that had corn on it last year and houses built upon it next year goes for about 120,000 per acre or $3.00 per sq ft. That's if it has a street, gutter, and municipal water/sewer. So thirty miles away from downtown it's three bucks. And the city is giving it away for $5-7. Listmembers, this land along the river could go for $30-50 per sq ft if you want to. Just think what we could fund with $1.3-2.1 Million dollars. MPS could hire 100 teachers for a year. MPB could hire 300+ park supervisors for one summer. I have no idea how many ESL specialists could be hired to teach english to new hard working immigrants. The city has to stop selling such valuable land for so little money. Craig Miller Former Fultonite [EMAIL PROTECTED] Oh hey, how about a planatarium? Karen Forbes Central ___ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls ___ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
[Mpls] Guthrie Land Sale: More fun with numbers.....
One acre of land contains 43,560 square feet. Last fall, Steve Cramer (then executive director of the MCDA) said that the land sale to the Guthrie involved no subsidies - it was a fair market value deal. 10 acres of the City's BEST RIVERFRONT LAND for $3 million. That was $6.79 per sq. ft. Now we ponder selling two parcels: Seven acres to the Guthrie for $4 million = $7.62 per square foot. Three acres to ? for $2.3 million = $5.68 per square foot. A Few Questions for Council Members (MCDA Commissioners): Minneapolis paid $50.00 per square foot for Target Store land. Why is Riverfront land so cheap? Why is there a discrepancy between the two prices: $7.62 vs. $5.68? The parcels are adjacent. How much did the City pay to acquire the land, and how long have we been holding it (off the tax rolls?) In other words, what was our COST - so we can calculate our LOSS. Lots of investors would LOVE to buy riverfront land at those prices: Where do we submit our bids? How will you choose the WINNERS? Eagerly awaiting a reply, Vicky Heller North Oaks and Cedar-Riverside (a stone's throw away from the site in question) ___ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
RE: [Mpls] Guthrie Land Sale: More fun with numbers.....
I think your calculations are a little off: 10 acres = 435,600 sqft $3 million / 435,600 = $6.89 / sqft 7 acres = 304,920 sqft $4 million / 304,920 = $13.12 / sqft 3 acres = 130,680 sqft $2.3 million / 130,680 = $17.60 / sqft Your points about the difference vis-a-vis Target, the difference between the parcels, and particularly how long the 10 acres have been off the tax rolls are still interesting. Walt Cygan Keewaydin -Original Message- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]] On Behalf Of Victoria Heller Sent: Saturday, October 5, 2002 9:32 AM To: Mpls Forum Cc: [EMAIL PROTECTED] Subject: [Mpls] Guthrie Land Sale: More fun with numbers. One acre of land contains 43,560 square feet. Last fall, Steve Cramer (then executive director of the MCDA) said that the land sale to the Guthrie involved no subsidies - it was a fair market value deal. 10 acres of the City's BEST RIVERFRONT LAND for $3 million. That was $6.79 per sq. ft. Now we ponder selling two parcels: Seven acres to the Guthrie for $4 million = $7.62 per square foot. Three acres to ? for $2.3 million = $5.68 per square foot. A Few Questions for Council Members (MCDA Commissioners): Minneapolis paid $50.00 per square foot for Target Store land. Why is Riverfront land so cheap? Why is there a discrepancy between the two prices: $7.62 vs. $5.68? The parcels are adjacent. How much did the City pay to acquire the land, and how long have we been holding it (off the tax rolls?) In other words, what was our COST - so we can calculate our LOSS. Lots of investors would LOVE to buy riverfront land at those prices: Where do we submit our bids? How will you choose the WINNERS? Eagerly awaiting a reply, Vicky Heller North Oaks and Cedar-Riverside (a stone's throw away from the site in question) ___ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls ___ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
Re: [Mpls] Guthrie Land Sale: More fun with numbers.....
Land on East Franklin Avenue between Portland and the freeway has sold for between $23.00 and $29.00 per square foot (within the last two years ). Is the view of a freeway and the Minneapolis Convention Center across the same freeway more valuable than downtown riverfront? How much would we have saved if Sharon, Jackie and their cronies had not sold out the City and allowed Opus to buy and develop the Target site? Vicki I am willing to partner with you to offer $10.00 per square foot for the same land. Perhaps we could start the MPLS List Development and Trust Company, LLC. If this is indeed not a subsidy then our offer should be accepted. You know Vicki we could build Affordable mixed use on the site, Condo everything for home ownership and individual business ownership, and still do all right, buying the land that cheap. You know Vicki you are fighting unfairly. Like Foghorn Leghorn says, You can argue with me but you can't argue with mathematics. Jim Graham, Ventura Village (and wondering why I don't ever get deals like that) - Original Message - From: Victoria Heller [EMAIL PROTECTED] To: Mpls Forum [EMAIL PROTECTED] Cc: [EMAIL PROTECTED] Sent: Saturday, October 05, 2002 9:32 AM Subject: [Mpls] Guthrie Land Sale: More fun with numbers. One acre of land contains 43,560 square feet. Last fall, Steve Cramer (then executive director of the MCDA) said that the land sale to the Guthrie involved no subsidies - it was a fair market value deal. 10 acres of the City's BEST RIVERFRONT LAND for $3 million. That was $6.79 per sq. ft. Now we ponder selling two parcels: Seven acres to the Guthrie for $4 million = $7.62 per square foot. Three acres to ? for $2.3 million = $5.68 per square foot. A Few Questions for Council Members (MCDA Commissioners): Minneapolis paid $50.00 per square foot for Target Store land. Why is Riverfront land so cheap? Why is there a discrepancy between the two prices: $7.62 vs. $5.68? The parcels are adjacent. How much did the City pay to acquire the land, and how long have we been holding it (off the tax rolls?) In other words, what was our COST - so we can calculate our LOSS. Lots of investors would LOVE to buy riverfront land at those prices: Where do we submit our bids? How will you choose the WINNERS? Eagerly awaiting a reply, Vicky Heller North Oaks and Cedar-Riverside (a stone's throw away from the site in question) ___ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls ___ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
Re: [Mpls] Guthrie Land Sale: More fun with numbers.....
The Minneapolis Rubes are getting taken again. In the real estate world we call vacant or buildable land dirt. 'How much is the dirt?' Well, out here in the sticks, dirt that had corn on it last year and houses built upon it next year goes for about 120,000 per acre or $3.00 per sq ft. That's if it has a street, gutter, and municipal water/sewer. So thirty miles away from downtown it's three bucks. And the city is giving it away for $5-7. Listmembers, this land along the river could go for $30-50 per sq ft if you want to. Just think what we could fund with $1.3-2.1 Million dollars. MPS could hire 100 teachers for a year. MPB could hire 300+ park supervisors for one summer. I have no idea how many ESL specialists could be hired to teach english to new hard working immigrants. The city has to stop selling such valuable land for so little money. Craig Miller Former Fultonite [EMAIL PROTECTED] One acre of land contains 43,560 square feet. Last fall, Steve Cramer (then executive director of the MCDA) said that the land sale to the Guthrie involved no subsidies - it was a fair market value deal. 10 acres of the City's BEST RIVERFRONT LAND for $3 million. That was $6.79 per sq. ft. Now we ponder selling two parcels: Seven acres to the Guthrie for $4 million = $7.62 per square foot. Three acres to ? for $2.3 million = $5.68 per square foot. A Few Questions for Council Members (MCDA Commissioners): Minneapolis paid $50.00 per square foot for Target Store land. Why is Riverfront land so cheap? Why is there a discrepancy between the two prices: $7.62 vs. $5.68? The parcels are adjacent. How much did the City pay to acquire the land, and how long have we been holding it (off the tax rolls?) In other words, what was our COST - so we can calculate our LOSS. Lots of investors would LOVE to buy riverfront land at those prices: Where do we submit our bids? How will you choose the WINNERS? Eagerly awaiting a reply, Vicky Heller North Oaks and Cedar-Riverside (a stone's throw away from the site in question) ___ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls ___ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
