Quote:
Originally Posted by ILUVSAT
Alternatively, this could be a push by Gottesman (and team) to increase the value of his land prior to CC expansion. The city will have to pay him fair market value for it should the expansion move forward as currently planned. His land is far more valuable with an approved 600' tower on it rather than warehouses with restaurants.
|
I don't really think it is. As long as he can build this structure by right (which I think he can because it's CBD with no view corridor), then the property inherent value is the same. The land value will have that right built taken into account.
However, if he has to get zoning variance to do this, or has to do some environmental mitigation, and he goes through the process to do that, then he increases the value. Because then the right to build goes up, and the value would need to compensate.