Quote:
Originally Posted by Jon Dalton
I know the equivalent lease rate for the City offices portion is triple market rate, but do you really think they'd ask the same to rent to private businesses? Noone in their right mind would do that with their own money, and there are enough vacant storefronts and offices that are going for market value.
|
The assumptions I've seen built into
the June 2008 Agreement of Purchase estimated that "the market rate for commercial retail space would be approximately $25.50 per square foot on a gross basis. Therefore, if 2,000 square feet of ground floor space of the rehabilitated Lister Block was leased out for retail purposes, the City could expect to earn approximately $51,000 in annual gross rent."
One detail that I didn't twig to until just now is the mention of gross rent, for which
definitions may vary.