Friday, May 25, 2007

Albee Square Developer to Get $100 Million Discount?

Albee Square

Here's a story that makes one go, hmmmm. It appears the city is planning to sell the land under the former Albee Square Mall at what might be considered the Mother of All Discounts: $100 million less than they are said to have paid when they bought the lease from developer Joe Sitt. Mr. Sitt, who paid Forest City Ratner $25 million for the lease in 2001, sold it for $120 million to Albee Development LLC. Now, Metro's Amy Zimmer reports that the city's Economic Development Corp. would sell the land under the mall site to the developer for $20 million after 25 years. The developer will tear down the mall and build a high rise condo, hotel, office and retail development. The city has already granted the project $3.2 million in tax breaks.



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