Comments on: Northgate Development Jeopardized by Credit Crunch http://fallschurchtimes.com/2164/status-of-the-northgatehekemian-development/ Falls Church City's Online Community Newspaper Fri, 10 Sep 2010 23:10:40 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: AC Miller http://fallschurchtimes.com/2164/status-of-the-northgatehekemian-development/comment-page-1/#comment-1425 AC Miller Fri, 01 May 2009 00:15:31 +0000 http://fallschurchtimes.com/?p=2164#comment-1425 Charlie, I thought I had replied to your comments from March 18, but apparently I didn't. My apologies. The "former city property" you refer to is not "former." The city still owns it. My earlier comments were meant to clarify that point. It conveys to Atlantic (the developers of City Center South) if, and only if, they proceed on the city center project as approved by City Council. Putting that aside, If they did own it, they could build anything they wanted within the zoning guidelines ("by right"), but the city has a lot of influence over any development project, even those not requiring special exceptions. Charlie,
I thought I had replied to your comments from March 18, but apparently I didn’t. My apologies. The “former city property” you refer to is not “former.” The city still owns it. My earlier comments were meant to clarify that point. It conveys to Atlantic (the developers of City Center South) if, and only if, they proceed on the city center project as approved by City Council. Putting that aside, If they did own it, they could build anything they wanted within the zoning guidelines (“by right”), but the city has a lot of influence over any development project, even those not requiring special exceptions.

]]> By: Charlie http://fallschurchtimes.com/2164/status-of-the-northgatehekemian-development/comment-page-1/#comment-422 Charlie Wed, 18 Mar 2009 16:29:15 +0000 http://fallschurchtimes.com/?p=2164#comment-422 AC: Can't Atlantic build a strip mall or a fast food joint on the former city property between the post office and Annadale/S. Maple "by right?" AC: Can’t Atlantic build a strip mall or a fast food joint on the former city property between the post office and Annadale/S. Maple “by right?”

]]> By: AC http://fallschurchtimes.com/2164/status-of-the-northgatehekemian-development/comment-page-1/#comment-421 AC Wed, 18 Mar 2009 13:05:38 +0000 http://fallschurchtimes.com/?p=2164#comment-421 Charlie, just a couple of points. Thank you for pointing out the long term lease that Hekemian has on the property. From a cash flow or IRR point of view this is about the same as owning it, so they already have a strong commitment to this project. Atlantic does not have ownership or even use of the city's land unless and until their project goes forward. They cannot build anything they want, with or without the city's land, only what is approved by city council. The "by right" reference is generally used when referring to projects not requiring special exceptions to the zoning ordinances. Charlie, just a couple of points. Thank you for pointing out the long term lease that Hekemian has on the property. From a cash flow or IRR point of view this is about the same as owning it, so they already have a strong commitment to this project.

Atlantic does not have ownership or even use of the city’s land unless and until their project goes forward. They cannot build anything they want, with or without the city’s land, only what is approved by city council. The “by right” reference is generally used when referring to projects not requiring special exceptions to the zoning ordinances.

]]> By: Charlie http://fallschurchtimes.com/2164/status-of-the-northgatehekemian-development/comment-page-1/#comment-419 Charlie Wed, 18 Mar 2009 02:41:59 +0000 http://fallschurchtimes.com/?p=2164#comment-419 We have no business committing city funds more than we already have to these developers, Hekkemian or Atlantic. Atlantic in particular is dangerous because they own our land and can build what they want by right, right now. Hekkemian, if I understand it, has a 100 year lease on the funeral property, so while they have a contract on a lease on teh land, they don't own it, so their land interest isn't affected. We have no business committing city funds more than we already have to these developers, Hekkemian or Atlantic. Atlantic in particular is dangerous because they own our land and can build what they want by right, right now. Hekkemian, if I understand it, has a 100 year lease on the funeral property, so while they have a contract on a lease on teh land, they don’t own it, so their land interest isn’t affected.

]]> By: A.C. Miller http://fallschurchtimes.com/2164/status-of-the-northgatehekemian-development/comment-page-1/#comment-408 A.C. Miller Sat, 14 Mar 2009 21:18:12 +0000 http://fallschurchtimes.com/?p=2164#comment-408 Andy, thank you. To answer your question about the city's funding abilities, the budget is terribly squeezed this year as you can imagine. But even if it weren't I don't think it would be appropriate for the city to participate in Hekrmian's project. I think it's a great project but one the private sector shouldn't need govt help with. City Center, on the other hand, would be a worthy candidate for some kind if a public-private partnership in my opinion. AC Andy, thank you. To answer your question about the city’s funding abilities, the budget is terribly squeezed this year as you can imagine. But even if it weren’t I don’t think it would be appropriate for the city to participate in Hekrmian’s project. I think it’s a great project but one the private sector shouldn’t need govt help with. City Center, on the other hand, would be a worthy candidate for some kind if a public-private partnership in my opinion.

AC

]]> By: Andy Rankin http://fallschurchtimes.com/2164/status-of-the-northgatehekemian-development/comment-page-1/#comment-404 Andy Rankin Fri, 13 Mar 2009 19:08:22 +0000 http://fallschurchtimes.com/?p=2164#comment-404 A.C., Thanks for the outstanding explanation of the situation. It sounds like Hekemian is in a tough spot - going forward with the plan sound hard and bailing out sound hard. Let's hope they keep pushing forward because I think the project would be a great addition to the City. As a new member of the EDA I should probably know the answer to this question but I'll ask it anyway - does the City have any ability to assist with loans for projects like this? On the one hand I wouldn't want the City to get into risky loan situations but on the other hand I think the City has a lot to gain by having the project go forward and potentially something to lose if it falls apart. A.C.,

Thanks for the outstanding explanation of the situation. It sounds like Hekemian is in a tough spot – going forward with the plan sound hard and bailing out sound hard. Let’s hope they keep pushing forward because I think the project would be a great addition to the City.

As a new member of the EDA I should probably know the answer to this question but I’ll ask it anyway – does the City have any ability to assist with loans for projects like this? On the one hand I wouldn’t want the City to get into risky loan situations but on the other hand I think the City has a lot to gain by having the project go forward and potentially something to lose if it falls apart.

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