Does Anyone Know what is happening at the city owned space in the new garage that was leased out to a private company at a $loss to the taxpayers?
Original post made by An Observer on Jul 2, 2007
Are lease rates downtown highter now than then?
Their pliosphy: city Can't wait for new bids to be submitted! Must take low bid quickly.
At the same time the city leases space downtown at a cost of at least $500 plus a square foot for a fairly short time. and I think a cost of over 3 million dollars for 7000 sq ft space. Plus the cost of remodeling the place.
on Jul 2, 2007 at 7:22 am
I don't have any first hand information, but I'm guessing that the gym you refer to is Form Fitness. Every time I go by, there are very few people using the gym. I was a member for a short period of time, but it wasn't, in my opinion, laid out very well and the upstairs machines couldn't comfortably be used with TV viewing. Personally, I think they are not producing the kind of tax dollars for the city that was expected.
There are several council members who live in Downtown North, but that statement about convenience is something I'd inform taxpayers in Palo Alto about. That space should have been leased to the highest bidder if the choice was a restaurant or gym. We have lots of both.
on Jul 2, 2007 at 11:23 am
Highest bid/best credit. MV did a similar thing with a new parking garage, leased it to Longs. Some high-end market tried to get a much cheaper deal with aggressive PR, but the city wisely went with the higher, safer revenue.
on Jul 2, 2007 at 1:18 pm
Just be grateful that this deal went down before an even lower bid came along.