Quote:
Originally Posted by ardecila
It's not clear from the article whether the fault lies with the GSA or the city, which was going to purchase the buildings from GSA and flip them to the developer. The immediate issue is that the city canceled its purchase agreement with GSA citing ongoing security concerns, but CA Ventures said the concerns were addressed.
Of course, given the background info provided by Ned, I'm not sure there was anything CA could realistically do to make its project acceptable to GSA. It's hard to do a highrise residential building with no windows on one side, and even harder when you're trying to repurpose existing buildings. Pretty much impossible to do a highrise residential building with no windows on TWO sides. I suppose if you abandon the idea of infilling between the two towers, there are other possibilities - but the loss of rentable square footage would require a corresponding drop in the purchase price of the buildings.
I'm guessing there is more going on here than just security concerns - somebody with clout didn't want this project to happen, or somebody at the city made demands of the developer (affordable housing, maybe?) that they weren't willing or able to meet.
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I'm inclined to agree with your guess. The facts, at least as presented in the article, don't completely add up to me. If CA addressed the concerns, then why did the deal fall through again? Also, I would like to know more about the process on the GSA side here - in terms of the official channels thru which the security concerns impacted the deal. Was the GSA putting in a restrictive covenant to specifically address the security concerns?