The Old Police HQ Redevelopment
Happy New Year!
I will start with an apology. This post is late. It's been a while since City Council decided to move forward with a development team led by The Fallon Company to redevelop the old police HQ site at 505 W Chapel Hill St. This project is exciting for the simple reason that the city had site control, so they were able to control the process and lay out priorities for redevelopment of the site.
Their process generating some really good proposals for the site and ultimately, they chose the Fallon Company's vision over the runner-up proposal from the developer, Akridge. First, let's look at some of the features/promises of Fallon's proposal for redevelopment of the site:
Financial Offer $9.25 million, with $8.75 million paid upfront. This upfront payment was a crucial differentiator between Fallon's offer and Akridge's offer, which was higher, but payment was delayed. I won't get into the rationale behind "Net Present Value", but suffic…
I will start with an apology. This post is late. It's been a while since City Council decided to move forward with a development team led by The Fallon Company to redevelop the old police HQ site at 505 W Chapel Hill St. This project is exciting for the simple reason that the city had site control, so they were able to control the process and lay out priorities for redevelopment of the site.
Their process generating some really good proposals for the site and ultimately, they chose the Fallon Company's vision over the runner-up proposal from the developer, Akridge. First, let's look at some of the features/promises of Fallon's proposal for redevelopment of the site:
Financial Offer $9.25 million, with $8.75 million paid upfront. This upfront payment was a crucial differentiator between Fallon's offer and Akridge's offer, which was higher, but payment was delayed. I won't get into the rationale behind "Net Present Value", but suffic…
