This week, so far – take 2

7/1/10

So this is what I did today, I looked for sales comps and found a big fat NOTHING!  In that search I found a Loopnet record of a previous sale of our site.  I purchased the record, which stated a sales price in April of 2008 for $562,500.  Looking back at TAD for the ownership history, the economy must have hit this owner pretty hard.  She was 8 days shy of owning the property an entire year when the lender took it over.  The current owner purchased it 17 days later.  Sad to say, but she is one of many casualties of this era.

I also Googled our property, this time using quotes around the street address.  With that I was able to find the last few years’ tenant mix, including the owner mentioned above.  Prior tenants/uses include a wedding cake shop, caterer, European style market (hence the current signage), flower shop, photography studio, design center, fabrics, a gallery, painting and reupholstery.  The property even played host to a couple of live music acts.

I also finished the previous 2 blog posts, glad that was off my chest.

7/2/10

So today was sort of productive.  I finally made a map of the retail leasing comps and forwarded it to Scott. 

I also went through the construction budget from Scott and my previous development project.  I took the itemized list and modified it to meet our current buildings construction needs.  The original budget was $436,542 and the new, modified budget is $264,585 or $43 per square foot.  I also took the square footage ratio of 1612 Park Place to that of the previous project on Jackson St. in Dallas, about 45.5%.  I then used that percentage and multiplied it by the original construction cost to get $198,740 or $ 32.33 per square foot.  Both cases are just estimated guesses and I am hoping that a real estimate from a contractor will give us something closer to $20-25/sf.

At Scott’s request I sent Mike Brennan an email asking for the master plan and rendering for Park Place to use in our presentation.