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Originally Posted by arctk2014
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Spring Street Patterson Funeral Home recently (at least publicly,"recently") granted historic site designation allowing them to sell earned but unusable development rights. if their parcels measure over 3 acres - which I believe it does - that designation could well be worth between $2 million for them on the very low side simply by signing paperwork. More likely, much more at stake.
More importantly, adding those rights to the already 10.2 FAR (or even lower FAR) of much of Midtown land, could yield a helluva tower(s) if a Norfolk Southern, Amazon, Home Depot? or other major employer(s) stepped up as willing to pay for that capacity.
Anyone know how to do the math as to how much office space - and floors - that could add if maxed out? Curious if a selling price for, say, $15 or so psf sounds reasonable.