Seeking to avoid a court hassle on a potential eminent domain issue, Leesburg commissioners have approved a deal with Edwin Young, owner of the 42-year-old, 41,000-sf ATC-Diversified Electronics Co. structure at 103 Magnolia St. that will pay the property owner $246,000 or $6 per sf for his building.
The price is $76,000 over the appraised figure of $170,000 or $3.90 per sf. The deal closes Oct. 10.
Area real estate lawyers tell GlobeSt.com on condition of anonymity the city had planned to condemn the Downtown location and seize the property under the state's eminent domain law. But city officials rejected that idea after learning court costs and lawyers' fees to fight the seizure would probably exceed the $246,000 purchase price, area lawyers tell GlobeSt.com.
The 41,000-sf building will be demolished along with the existing police station on Magnolia Street between Canal and Palmetto Streets. The new station is expected to break ground in early 2002 and be ready for occupancy by first quarter 2003.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
