No overwhelming demand for more office space
Setting aside the 20 acres of Kingsdale, there are numerous vacancies in U.A. In fact, space is available directly next to and across the street from these properties!
In this difficult economy, owner claims high demand for office space with easy lease potential. Then why did they ask the City to find them tenants?! Brand new space on Tremont and across from Kingsdale above Walgreens and next to Starbucks continue to be vacant. Why let history repeat itself?
Promises, promises.
The owner claims that they will build a 12,000 sq.ft. medical office but they won’t be owner occupants because they are lawyers, not doctors. There are no guarantees that proposed rezoning will result in construction of any kind whatsoever. In fact, during the BZAP meeting in March the developer was asked if the owner would consider combining his existing office building with the proposed one. Developer said that owner is not interested in such an idea because the owner wants to maximize their opportunity to sell the lots.
The only known assurance is that the owners stand to make tens of thousands of dollars simply because office land is worth substantially more than residential land.