'Real Estate Weekly': Testing FuturEBR
After nearly five years on the market, the 2.9-acre tract of vacant land at the intersection of Kenilworth Parkway and Perkins Road was set to change hands this month, and realtor Ty Gose thought he had a good deal in the works. A group of buyers had signed a purchase agreement for the parcel and had hopes of developing an office park there. Two weeks before closing, however, Gose got word from the Department of Public Works that it wouldn't issue permits to build on the property because the land is identified as the site of a future cut-through street that would provide access directly from Perkins to Our Lady of the Lake Regional Medical Center. The city's new land-use plan, FuturEBR, also identifies the site as a potential "connecting corridor," and goes so far as to suggest it could eventually link Kenilworth all the way to Corporate Boulevard. Gose is hoping to change the minds of city-parish leaders and prevent them from effectively killing his deal. After all, he says, whatever the city's land-use plans call for on paper, to suggest Kenilworth should be extended straight through some of the mansions on Moss Side Lane is a little incredible. "I'm just trying to get in front of decision makers and get them to take a level-headed view of this right of way," he says. Read the full story by Editor Stephanie Riegel in the current issue of Business Report here; and check out the complete Real Estate Weekly e-newsletter here.
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Comments from Stephen Moret
A winning pitch