I understand there may be a potential buyer. If the purchase happens, this person would bring some new blood to Main Street and Springfield.
I hope that's true...the area should could use a boost
There's an article in the Times Union today about Van Horn and his properties....which didn't mention a potential buyer. In fact a quote from the article,
QuoteCurrently, the only activity at 9th & Main is construction workers rebuilding Main Street, a project scheduled for completion in fall 2009.
http://www.jacksonville.com/business/2008-12-21/golden_boy_of_springfield_loses_luster_as_deals_go_bust (http://www.jacksonville.com/business/2008-12-21/golden_boy_of_springfield_loses_luster_as_deals_go_bust)
Perhaps the city should just lease the space out instead of letting it sit vacant for an extended amount of time.
I wish the city would take any of the structures that are abandoned, behind on taxes and put them up for sheriffs sale...that's what they do in other cities. It helps keep them from reaching the point of no return and being demolished.
When I spoke to the perspective buyer, he was aware of how close to foreclosure the building was. He might have decided to wait and see if he could get a better deal on the foreclosure market. Most potential owners wouldn't want to do anything until Main St is finished anyway, so there is no real hurry.
I agree with you on that...until the work is done, not much of anything can really take place
Quote from: jbm32206 on December 21, 2008, 09:37:23 AM
I wish the city would take any of the structures that are abandoned, behind on taxes and put them up for sheriffs sale...that's what they do in other cities. It helps keep them from reaching the point of no return and being demolished.
The city has the same mentality with vacant lots. I can't imagine why we keep so much land off of our tax rolls just to have a place for garbage to collect. Perhaps the land is being kept for future parking garages or pocket parks? It would be interesting for someone to investigate how much land the city actually owns, especially in Downtown. I bet it is an unbelievable amount! And then there is land that is leased like the Landing. And when you subtract all of the land owned by churches...no wonder the city has a declining tax base. We need a strict vision for development, and then I say sell it to the private sector.
Quote from: jbm32206 on December 21, 2008, 09:37:23 AM
I wish the city would take any of the structures that are abandoned, behind on taxes and put them up for sheriffs sale...that's what they do in other cities. It helps keep them from reaching the point of no return and being demolished.
There were unpaid taxes dating back to 2005, so a Sheriff's sale is already overdue.
Indeed!
Quote from: vicupstate on December 21, 2008, 11:58:28 AM
There were unpaid taxes dating back to 2005, so a Sheriff's sale is already overdue.
That's not really how it works. The city just holds a reverse auction for tax certificates on the past due balance, and sells the certificates to private investors, so they get their money regardless. It's then up to the private parties to decide whether to try and foreclose on the property to recover the tax debt or not, but nobody ever really does that because eventually the property will be sold and they'll get paid plus interest anyway, so why spend all the money filing suit?
And even if you held a tax certificate on the property and wanted to foreclose, it's not easy. You normally have to have 3 or more year's worth of tax certificates before you're considered to have standing, and bear in mind property taxes aren't that much money compared to the value of the property, so any property owner in their right mind will just redeem the certificates and then you're out your filing fees and costs. It's financially much better to just sit and wait, and let the interest rack up. And that's what everybody does.
The mortgage company, however, is another story...
I don't know why investors would be willing to pass over deals because of street construction. Main will be finished in six months. Unless, the economy continues to go down, things probably won't get cheaper when the street is completed. To get a project off in this city will most likely require more than six months anyway. So if you're an investor it may be better to buy before the street is complete.
I think it is probably a better deal in foreclosure than on the open market.
I had posted a link to this story earlier today...just so others know...
http://www.metrojacksonville.com/forum/index.php/topic,4007.msg61499.html#new (http://www.metrojacksonville.com/forum/index.php/topic,4007.msg61499.html#new)
I went ahead and merged the topics since it was already being discussed in this thread.
What's the city's plans? Will they be willing to lease it?
Lake, from an email exchange I had about a month ago with the office that administrates the NW trust fund (the body that holds first position on the property)
QuoteThe City does hold a mortgage in the first position on this property. We have asked that the foreclosure process be initiated by our General Counsel's office. They are working on it, however, to my knowledge the process has not been completed. We are in the process of discussing what our next steps will be should the foreclosure actually take place.
Quote from: stephendare on December 21, 2008, 02:51:22 PM
The city isnt going to sell the building.
This whole thread is founded on disinformation.
It was incorrect when it was posted. The city has no intention of ditching the property once it exercises the foreclosure
If in fact the city doesnt plan to sell it, (which isnt what was indicated to me in my conversations) what would they do with it? Why wouldnt they sell it?
Thanks to Tonyaa Weathersbee!
It's not all sunshine in Springfield, but it's nice to see a journalist reporting it more realistically, rather than the usual if-it's-bad-it-must-have-happened-in Springfield rubbish. "Loses lustre" headline is right up T-U's normal reporting approach to the neighborhood, along with the Otto/Ponzi links of the same week. Next week look for obscure ties to Madoff, Bundy, Son of Sam, Gotti, etc, etc, etc...
The fact of the matter is, that even though the articles may initially give the appearance that Springfield's a terrible place, they are true and they do hold ties to the neighborhood. However, reading them would also educate the reader as to how it's history from many, many years ago....with the exception of the Golden Boy, which is recent.
The problem is, and has been...that much of what's reported as happening in our neighborhood, really didn't...and were in neighboring areas, but the media is quick to say it's Springfield.
Im actually ok with the Ottis Toole, and Ponzi story's. In the case of Ponzi, he was here at a time when Klutho, and the Barnett's, and other power brokers of Jacksonville, and by some extension Florida, lived in Springfield. It would have been completely natural for him to gravitate here. Its not quite as cool as the Machine Gun Kelly house in Ortega, but its ok.
As far as Toole, while its very macabre and sad, its also a compelling piece of history. Look at the discussion on the SPAR forums just weeks before the announcement that officials were closing the Adam Walsh case. There was page upon page of information about him, his mother, where he might have lived. Sad? certainly, compelling? Absolutely.
Springfield's biggest asset is its history, and these are both just pieces of it. Most of the silent movie industry was here, as were several of the Tobacco magnates. Even the story of the Gato murder that Chris Farley has talked so much about, going back in the 1890's!
Springfield doesn't have a PR problem as it relates to historical issues. Hell, look at Savannah. They have a booming tourism industry related to their seedy historical incidents, including a best selling book and movie!!!
Where is the Machine Gun Kelly House in Ortega?
(http://www.metrojacksonville.com/photos/thumbs/lrg-3582-p1050636.JPG)
The Gangster House: This residence at 2815 Grand Avenue is believed to have been inhabited by George "Machine Gun" Kelly in 1933. Legend has it that before his apprehension, Kelly eluded police by traveling around the country. In 1933 a reclusive couple that fit the Kelly's description rented this house and abruptly departed two hours before a middle-of-the-night police raid.
http://www.metrojacksonville.com/content/view/713/117/