LMG Company Town?

Summary

In this lively discussion, participants explore the potential of a massive, abandoned building located between Guildford and Central City, highlighting its mixed-use zoning and significant renovation challenges. With a listing price of $63 million, they debate the feasibility of revitalizing the site, which has remained vacant since 1998 despite various investment attempts. Ideas for its future include residential units, retail spaces, and recreational facilities. The conversation balances optimism about creating a vibrant community hub with the practical realities of safety codes and financial hurdles, all while maintaining a humorous tone.

Takeaways

• 🏢 The building in question is enormous, measuring 275,000 square feet and offering various potential uses, including residential and retail.
• 🚧 The property has been vacant since 1998 and has significant renovation challenges due to extensive damage and safety concerns.
• 💰 Current ownership includes a court-ordered sale with a listing price of $63 million, but renovation costs could exceed that amount.
• 🛠️ Previous attempts to redevelop the building have failed, with various proposals including a banquet hall and office space.
• 🏙️ The location is strategically placed between Guildford and Central City, making it a prime but underutilized area.
• 🔍 A YouTube video highlights the building's condition, indicating significant deterioration over the years.
• 👷‍♂️ Developers may face regulatory hurdles when trying to repurpose the building due to building codes and city regulations.
• 💡 There is potential for generating income through leasing parking spaces, given the 600 underground parking stalls.
• 👥 Ideas for redevelopment include creating a tech shop and residential options for employees, alongside recreational facilities.
• 📝 The conversation reveals skepticism about the building's value and the feasibility of any proposed projects, emphasizing the financial risks involved.

Q & A

What is the primary focus of the conversation in the transcript?

The conversation centers around a large, vacant building that has been on the market for years, discussing its potential for redevelopment and the challenges involved.

What is the size of the building mentioned in the discussion?

The building is approximately 275,000 square feet, making it a substantial space for potential mixed-use development.

Why has the building remained vacant since 1998?

The building has remained vacant due to its notorious history, various failed investment attempts, and the extensive renovations required to bring it up to code.

What potential uses for the building are suggested in the conversation?

Suggested uses include mixed retail, residential units, a tech repair shop, and possibly recreational spaces.

What are the financial concerns related to purchasing the building?

Financial concerns include the initial purchase price of $63 million and the estimated renovation costs, which could exceed $100 million, leading to potential negative equity.

What did the speakers mention about the building's history with investors?

They mentioned that multiple investors have tried to buy or develop the property, but all previous deals have ultimately failed.

What role does the city play in the building's future?

The city is motivated to see the building redeveloped rather than remain an eyesore, and there may be potential for negotiating terms for partial renovations.

What humorous suggestion is made regarding the building's extensive parking?

One speaker jokingly suggests that the 600 parking stalls could serve as a doomsday bunker.

What past proposals for the building have been mentioned?

Past proposals included a banquet hall, office spaces, homes, restaurants, and even an auto sales lot, none of which materialized.

What is the overall sentiment about the potential for the building's redevelopment?

While there is excitement about the building's potential, the speakers express skepticism about the feasibility due to high costs and safety concerns.