Monday, July 18, 2005

SALE

This little shop on the corner of Pineapple and Dolphin exclaims in a bright red sign on the door,
SALE.

On Jan 4, 2005 this property, at 401 Pineapple, was purchased by Bay Mountain, LLC for $1.6M. This is the property contiguous to, and on the west side of, the Orange Dolphin Galleria property that the City apparently is about to purchase.

Bay Mountain, LLC lists its "Manager/Member" as:

ISAAC INVESTMENTS, INC., AN OHIO CORP
715 PERRY STREET
BRYAN OH 43506 US

This, of course is the same group that is proposing the Pineapple Square development project a couple blocks to the north on Pineapple.

For comparison:

the Orange Dolphin site is listed as having 21,263 sq ft. At the proposed purchase price of $4.4M, this calculates to $207 per Sq ft. This property has a 10,874 sq ft building.

The 401 Pineapple property, purchased in January of this year has 8,610 sq ft and its purchase price calculates to $186 per sq ft. This property has 6,337 sq ft building.

We wonder if there is a connection here. If so, O what a tangled web we weave. Like Paul Harvey says, when will we find out "the rest of the story"?

1 comment:

Denise Kowal said...

Dick: I am not sure what your trail of conversations about Burns Square's parking locations, costs of land and the assumption of who owns what is for but I am interested in your input into your line of thought. Since you know I am the president of the property owners association and you do have my email address, a simple inquiry about your conspiracy theory would have yielded you some answers. Contrary to record searches you may have done, Chris Brown and the Isaac Brothers do not own property in Burns Square so there is no tangled web woven. The parking problems in Burns Square continue with the increase of land values that are at and have exceeded the asking price of $4.4 for the dolphin/orange lot and of course that price is no longer offered. What I find puzzling is this....Burns Square has limited land that will ever be available and suitable for parking... therefore the longer the city waits the higher the prices get...which happens when the things wanted become more scarce...the last one left usually commends a high price. Also, how does the city put a price on the economy of an area? If parking will help all the businesses already located in Burns Square and future businesses then how can we bicker about a price that appears somewhat higher than the average? The parking use is to help many grow their businesses, supporting the economy of our city now and in the future or do we just say, it was too expensive and by who standards do we claim such? As you know the Burns Square people (both the property owners and the businesses) are very frustrated by the lack of a parking facility in the area but since we are #3 priority in the Downtown Master Parking Plan (#1 & #2 the city owns the land), The DT Master Plan supports our parking, the CRA put our area as a priority and the idea has overwhelming support of the area we are hopeful that a parking facility is just around the corner to being constructed. It was my understanding that you supported the location of Orange/Dolphin for a parking facility after our discussion at Metro and if I am wrong then lets speak again.