Thompson Valley Towne CenterJoin now to read essay Thompson Valley Towne CenterThompson Valley Towne CenterINTRODUCTIONThe Thompson Valley Towne Center case study exemplifies how complicated a development project can get, especially with the presentation of a highly involved property rights litigation. Many issues arise in this particular project involving multiple parties. All these issues must be closely analyzed and continually monitored by the partnership developing the mixed-use project. Holsapple and Marostica begin to contemplate the continuance on the project as they see many bumps in its road to completion. The initial idea sounded so great, and now the partnership is debating whether to scrap the entire project at a substantial loss.
LOOKING FOR THE LANDIt is my contention that finding and acquiring a property is the most important step in the development process. This decision will determine the involvement of a project as well as its success. The preliminary goal set forth by the partnership was to locate a property in Loveland, Colorado. They initially set out to complete three residential subdivision and any additional opportunities they found to develop for commercial use. So they went out and researched potential sites to develop. Form here, they would make a selection as to which properties they thought were best fit for development. One property they came across was at the north west corner of First and Taft. After viewing ownership and encumbrance information, they discovered that the property was being reviewed for a commercial center called Centennial Village. This land was obviously out of question for the partnership to develop, and could raise a possible competitive situation between the two completed projects. So the search continued on until the partners came across an 80-acre piece of property.
80 acres is a lot of land and could be home to more than just a shopping center. The access to this parcel could be made with much more ease, and it was just down the street from the previously mentioned parcel. A mixed-use development was definitely obtainable with 80 acres to wok with. Mixed-use projects are further complicated when dealing with the government as far as easements and zoning concern. Other considerations for this location involve a huge gulch and irrigation ditch lining the boundary on the southeast corner of the property. These are just a few issues that Holsapple and Marostica must have in mind when deciding to acquire such this large property. Although this project looks promising, the conveyance of the land would be extremely complex,
HISTORY:
The first owner to build a golf course in the area was Wrigley Chase in 1920. In 1940, a plan was filed for the development of a new golf course near the Hwy. 110 East, by Wilshire Park Company.
Other developments were made then:
In the 1980s, the company decided to develop the site for their new basketball arena near the Wrigley, Wicomico Avenue and other public areas in Westchester, Connecticut. All of this would have involved massive public dollars which would have meant a substantial public debt and debt in the form of over $16 billion as well as over $5 billion in debt. This site was eventually built near the Brookline, NY location, using a single large concrete lot and a large, large open plaza. This was called the W-10. During the project’s heyday, there were a set of four buildings on the property along the east side of the lot, creating one-story homes. Some of these houses were used to house students and office workers. Some were used for parking while others were intended as private residences.
There is also a well known story (originally based on a story I heard posted here by the folks at Prentice-Hall) about how the Brookline Park Company used the area for residential development, with one major project in the 1960s taking out the land and allowing it to become vacant. This redevelopment would eventually be used to convert an old office building near N. Park Street.
For the Wrigley/Brookline development, H&D was looking for a small parcel of land north of the Wrigley which would meet the needs in place and be available for use as a recreational area. For the building, H&D came up with their idea of selling all of the land to someone who could use it as the main place to work during his or her summer vacation. It was also assumed that the H&D family owned the land and the Park Service would provide an easement. H&D ultimately obtained permission from the county clerk to build the development. The park also used the land for commercial uses, with the Brookline Park company purchasing it. The company also built a commercial complex in the early 1970s as well. It was later bought by the Hudson County Commission for $11.5 million that year.
As a result of their sale, the park in 2010 purchased the land back for $25.5 million with $14.3 million in government bonds. The total sale of the property and tax return reveals that the owners and operators have always been close by.