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How can we save the Arcade building???

(67 posts)
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  1. spatny
    Member

    I was answering John on the other thread, then saw this one - so this is a repost:

    It seems to me it would be more worthwhile to have the Arcade up and functioning than the Burlington properties a parking lot. Likewise, when/if the Northgate property sells, that money could go toward the rejuvenation of the Arcade, where we are already able to create/transfer the tax incentive to the new owner(s). The Burlington properties could become the capstone of the CBD on that street, perhaps some kind of PUD and that money could be used to leverage down the cost of the Arcade, so that rents would actually be viable.

    Just wishing for a private developer to take the Arcade is probably not going to be productive, because the numbers don't work well. I think Mr. Reyes did that exercise and if the $2.5mil mortgage was reduced to just a $500K transfer to the Village it will still need about $1.5 mil (or more) to bring it up to speed. So at$2mil or above it's tough to make it profitable for the owner, and tonight to keep rents low enough for a restaurant to make a profit. What we did here was trade a viable building (Henningers) that could have been a restaurant/bistro at affordable rents for the big white elephant that is priced too high and then we tossed in the downfall of the Arcade. We have to be careful what we wish for here - I mean a buyer - because he might prove financial hardship and tear it down.

    Posted Thursday Apr 9, 2009 16:16 #

  2. spatny
    Member

    News from the Preservation Committee meeting: Charles Pipal, Pres. Chairman, was in contact with the mortgage holder for the Arcade. They are awaiting title transfer, and claim to have had inquiries on the building from seven individuals or entities (names not given.) They stated they plan to not list the property with a realtor, but instead hold a sealed bid auction among these seven, and presumably sell it to the highest bidder. They stated they want to get rid of it ASAP. If they don't get a bid they can accept from a buyer that can perform, then they will probably advertise another sealed bid sale and try again. No estimates by anyone on how much it will take.

    There will also be some good news coming in April regarding the building being designated as an endangered Landmark. Others will inform on that situation.

    The Class L designation that provdes tax relief for doing a restoration does not transfer and would have to be applied for again.

    So, if anybody that reads this knows of a potential buyer or investor please put them in touch with Charles Pipal. Good Luck.

    Posted Thursday Apr 9, 2009 23:01 #

  3. idic5
    Member

    I wonder if one of the bidders is F and S :)

    Posted Thursday Apr 9, 2009 23:19 #

  4. spatny
    Member

    Our worst nightmare.

    Posted Thursday Apr 9, 2009 23:36 #

  5. idic5
    Member

    We're soaking in it.

    .

    .

    .

    Posted Thursday Apr 9, 2009 23:42 #

  6. Catherine
    Member

    Oh dear. Mystery buyer. Great news there IS a buyer though, and that it will be sold.
    Is anyone trying to convince this bank to sell to a landmark-sensitive buyer?

    Great news that the effort to have it declared an endangered important building will be a success.

    Posted Friday Apr 10, 2009 08:21 #

  7. spatny
    Member

    Correct: There is no "buyer" yet. The bank says there are seven parties who contacted the lender that holds the bag on that building. I did that - so maybe I am on the list and I'm not a very good prospect. I'm just telling you what the Chairman (ooops! - I meen Charperson) told us last night about the process that they say they intend to follow. It is hardly news that they are stuck with a non-performing property in deteriorating condition and want to move it. Whether that means they will dump it at what any of these interested parties are willing to pay is another question. Maybe they could donate it to a not-for-profit conservancy that could raise money to rehab? We better keep thinking...

    Posted Friday Apr 10, 2009 08:39 #

  8. KimJ
    Member

    Bringing the Arcade discussion back to this thread.

    Curious, unless something has changed (and I am paying attention...)
    Regarding the original art glass windows on the front of the Arcade Bldg.

    There were 4 of them.
    Thankfully Grumpy was "in residence" throughout the process, so that glass is still in place.
    The other 3 were removed.... of which one is at a glazer (Preservation Comm. knows where.) So the new owner can get that glass back, so long as he pays for it.
    The other two were rumored to be in the salon space, or the basement, neither is true.
    The windows most likely walked off the job site with an unpaid laborer, or a walkerby noticing an unsecure building with something that could be lifted.
    Long story short, Half are gone.

    Posted Saturday Apr 11, 2009 11:04 #

  9. idic5
    Member

    Ouch. What has Reynolds said so often 'If Riverside will be lost, it will be one piece at a time'? This windows debacle sort of illustrates this. Interesting that the Arcade, and the windows that probably walked off, are right across the street from Village Hall.

    Posted Saturday Apr 11, 2009 11:24 #

  10. Catherine
    Member

    Are there any mechanic's liens on the property or unpaid subcontractors the GC could tell us about? And I take it the general contractor does not have them. Such subcontractors would perhaps take something until they get paid.

    Posted Monday Apr 13, 2009 08:43 #

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