Downtown Journal: Park Board Delays Sale Of Fuji Ya
In an article titled "Breaking the Wave? Park Board delays completing sale for riverfront condo" writer Sarah McKenzie describes how the Park Board has delayed sale of the Fuji Ya property after earlier approving a contract for its sale and spending money on the lobbying effort to get a special state law passed to allow the sale to go forward.
» The Wave, a high-end condo project slated for Downtown's riverfront, is encountering some choppy waters.
The Minneapolis Park and Recreation Board has put the project in a holding pattern, tabling a motion to finalize the sale of the former Fuji-Ya restaurant site, which it owns, to Heritage Development, a developer based in Little Canada.
Despite signing off on a purchase agreement in February to sell the prime riverfront parcel to Heritage for $2.7 million, the Board voted to hold off completing the sale at its Dec. 7 meeting. In order to finalize the sale, the Board needs to direct its attorney to file with Hennepin County District Court.
Park Board President Jon Olson said Commissioners plan to hold another public hearing on the sale of the Fuji-Ya site in January. The site is in front of the River West condos, near the corner of South 1st Street and 5th Avenue South, southeast of the 3rd Avenue Bridge.
The Mill Ruins Park is nearby, tucked along the riverfront near the Stone Arch Bridge.
In addition to the standard city review process, The Wave would be subject to approval from the Minneapolis Heritage Preservation Commission since the site falls within the St. Anthony Falls Historic District.
The developers behind The Wave are waiting for the sale to go through before going through the city's development approval process. Michael Moriarty, president of Heritage Development, did not return a phone call for comment.
The January hearing gives opponents of the sale another opportunity to state their case.
Park Board Commissioner Bob Fine ... said under the current arrangement, the Park Board doesn't stand to gain much from the sale.
"I think we're better off keeping the land," Fine said. "The Wave is still waving."
Under the proposal, the Wave would feature 36 high-end condos and a restaurant in a refurbished Fuji-Ya space. At its highest point, it would rise 11 stories.
The developer would set aside parking and public restrooms for park users, Olson said.
Heritage has teamed up with Jeff Arundel, a local rock musician, on the project. Arundel had the high bid for the site when the Park Board issued a request for proposals.
The Park Board acquired the Fuji Ya site in the 1980s as part of the West River Road expansion. «
Read original article at the Downtown Journal web site.
Comments
A true example of 2 big fish trying to outsmart one another. Heritage gets Arundel to be his little fish and the MPRB land goes for a song and a parking lot. The Big Fish is uncovered with deeper pockets and the shakedown begins under the guise of getting a better deal for the taxpayers ( the MPRB won't see much extra because the money mostly goes back to the state and they designated where the MPRB was to spend their share). The only people coming out ahead...as usual... are the lobbying/legal team at Rice Michaels, who with the newly elected majority will keep their cash cow clients the MPRB ( the taxpayers really) for four more years. Sad but true the saga continues....
Posted by Liz Wielinski | Fri, 12/23/2005 - 10:16am | Login to post comments