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How does selling the park benefit the wider community?
It probably doesn’t. I’d see the pricing for kids to play there just going up a long with other fees once it’s sold. That’s real estate for yeah.
Westfield doesn’t know how to manage anything, especially their Planning Department.
Unfortunately, real estate appraisals don’t take into account the value the community is losing. Sure, the land is worth $85 million, but the park’s value to the community is more than 3x that amount. The park could have served as a long-term revenue stream and community asset. You can’t really measure what public land is worth to a community over time, and once it’s gone it is gone forever.
Sure.
Sports parks are a waste of money…..and Andy Cook made a huge mistake with development of Grand Park that will cost Westfield alot of money for decades. Municipal entities never do well developing operating businesses..
I wonder how much debt that Westfield has taken on to build and promote the Grand Park Campus to-date? How much would Westfield get back when it sells it to the highest-bidder? Why not just hold on if it was a good decision to build this in the first place?
It doesn’t matter what the appraisers say. In the end, a buyer – if there is one – will determine what the true value of the property is by submitting a purchase offer with a fair market value. That’s how these things work.
When a muni is involved, the rules change.