|
SOUTH END REDEVELOPMENT COMMISSION
<br />SPECIA MEETING: July 10, 1975
<br />Page_ 11.
<br />the numbers our architects have gone through, and certainly
<br />Lloyd is extremely capable in this category, and I imagine
<br />you would agree. Of course, on a cost per foot basis, you
<br />would come out better in Block 6: 1) The cost of the land
<br />is less; 2) You have certain construction economies.
<br />The other facet is, I think - -I am speculating - -but I would
<br />imagine Lloyd Taylor and his group would be going after a
<br />distinctly different segment of clients. In other words,
<br />they apply the probability of getting clients of free stand-
<br />ing, one or two story buildings out along Ireland Road, or
<br />perhaps on U.S.:31, which they want: 1) For their own
<br />identity; 2) The convenience aspect of parking right at
<br />the door - -is important.
<br />So, I think we are talking about a couple different segments,
<br />and, personally, I haven't seen any detail on it, but just
<br />taking an overall guess, I think the economics of the single
<br />office building, free- standing, with its own identity, has a
<br />reasonably, good probability for success.
<br />Ms. Derbeck said, "It appears then that you- -the Commission itself
<br />is basing this decision on an out -of -date research study and has
<br />done no further study for information itself on office buildings
<br />when the decisions' are being made on Super Block and Block 6. You
<br />are using an out -of -date Study."
<br />Mr. Lloyd Taylor requested to respond to the above: "I think over
<br />a number of years, I, as well as some others in this room, have been
<br />involved in market research in the downtown area. Of course, we are
<br />directly involved because we have just constructed 75,000 square
<br />feet of downtown mid -rise, let's say, office buildings. The people
<br />that we lose- -let's put it that way- -that come to us and are inter-
<br />ested in office space, but ultimately we lose them. We lose them
<br />because of just exactly what Allan said: They want a building with
<br />their own identity; they want a building with the convenience of
<br />parking - -but they did want a building downtown- -and so they say,
<br />'Where can I have all these things ?' Well, I guess you drive out
<br />Colfax Avenue and LaSalle Avenue, and you can see -- especially, and
<br />in some degree to the North- -these small individual, independent,
<br />single- occupancy buildings with their parking mushrooming up out
<br />there. Those people would rather be downtown and they certainly
<br />would do a great deal to improve the overall economics of the
<br />downtown area, if we had them here, but we lose them, because
<br />we don't - -at the present time - -have a site for them. Now, I think
<br />you have to understand that in putting financial backers together,
<br />that we had to have some pretty good data to give people...."
<br />Interrupted by Ms. Derbeck, "But that is your data." Mr. Taylor.
<br />continuing, "Excuse me, Jeanne, but my data is much more important
<br />than Real Estate Research's data, because I've got to rent it;
<br />Real Estate Research doesn't have to rent it, and you know I have
<br />a great deal of confidence in Real Estate Research. I think it is
<br />a good organization, but more important than that, I think that I
<br />
|