I have it on good sources that MM has not done a deal with Fishman,
and quite frankly, may not do anything if Fishman and Partners stay
in the deal. They are quite fed up with these bunch of losers and
continually shake their heads at how a city could have possibly given
the redevelopment rights to these bunch of amateurs.
Fishman wants to be a partner with MM on the retail. MM wants them
out. They are upset that Partners was not meeting the timeframes of
the dispute resolution agreement (Csino, 5th Ave Pav, etc.). Partners
did not want to do the work (expend the money) without a signed
contract with MM. MM said no way, you have to do the work anyway,
even if you have no deal with us or anyone. Then Partners said they
would do the work without a contract if they were reimbursed by MM.
MM gave the same answer. These are your responsibilities.
MM is now aware of the entire cabal in this deal (Aaron, Fiaella,
Weldon, etc.) and may not even want to tarnish its image even if MM
owned the retail alone. MM may be moving to get Partners out
completely and take over the entire redevelopment. Also, they think
the WRP needs reworking - the waterfront is walled off by too tall
buildings, not enough parking, not enough access (giving away streets
and closing them). And believe it or not, MM feels that the WRA is
too one sided in favor of the developer. They do not want to be party
to a deal that smells of impropriety. They also need to look at the
eminent domain aspects - how fair they really are. These sound like
good people. They are coming to the realization that Fishman and
Partners must go. Anyone with real estate experience shakes their
head at what has been going on here for the past 5 years.
On another note. I also hear that Westminister is not putting any
more money into Welsey Grove and that they are trying to unload the
project. Hovanian took a pass. Also, funding has supposedly been cut
off to Metro because of no presales.
I am also told that our tax rate may have to be drastically increased
next year because of a decrease in ratables stemming from Partners
demolishing of improvements. I heard that $2 million of ratables
dissappeared through the wrecking ball.
There has to be drastic changes in this town by the council. It is
time for them to wake up. Partners must take a payment and walk. We
may be headed for a train wreck.
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