https://www.emich.edu/regents/board-docu...8-2021.php

Just curious: What is at 2000 N. Hewitt? 3.3 acres the U sold for 29K.

Is that at the intersection of N. Hewitt and N. Huron/Clark?

What's there now? Is it unused green space? OR is it part of the parking lot at Rynearson????

https://www.emich.edu/regents/board-docu...T15:53:10Z

Dear steve,
It appears to be a parking lot extension of the original parking area for Rynearson Stadium. It was just a small area compared to the original parking.
What I just said is based on the street intersections, if that is correct.

(03-02-2021 09:52 AM)Ken Barna Wrote:  Dear steve,
It appears to be a parking lot extension of the original parking area for Rynearson Stadium. It was just a small area compared to the original parking.
What I just said is based on the street intersections, if that is correct.

Damn, for 30K I would have bought it and built me a nice little house in town... Just walk to Rynearson...

Just curious what the usage of it will be. Very nice corner. Really wonder if it would be used for commercial development.

(03-02-2021 10:31 AM)emu steve Wrote:  

(03-02-2021 09:52 AM)Ken Barna Wrote:  Dear steve,
It appears to be a parking lot extension of the original parking area for Rynearson Stadium. It was just a small area compared to the original parking.
What I just said is based on the street intersections, if that is correct.

Damn, for 30K I would have bought it and built me a nice little house in town... Just walk to Rynearson...

Just curious what the usage of it will be. Very nice corner. Really wonder if it would be used for commercial development.

Isn't that where the indoor golf facility will be?

(03-02-2021 11:14 AM)alum93 Wrote:  

(03-02-2021 10:31 AM)emu steve Wrote:  

(03-02-2021 09:52 AM)Ken Barna Wrote:  Dear steve,
It appears to be a parking lot extension of the original parking area for Rynearson Stadium. It was just a small area compared to the original parking.
What I just said is based on the street intersections, if that is correct.

Damn, for 30K I would have bought it and built me a nice little house in town... Just walk to Rynearson...

Just curious what the usage of it will be. Very nice corner. Really wonder if it would be used for commercial development.

Isn't that where the indoor golf facility will be?

I kind of thought of that. The selling of the property to a 3rd party was the 'curve ball.'

These sales can be tricky. I served on a HOA board and our county wanted to buy a small parcel of land (easement) to use for an enclosed bus shelter. The total amount of land, which backs to trees (open space), might be say 10 x 20 feet. It had no useful purpose to us. The land that it was part was trees.

The county appraised the land at less than one thousand dollars.

Why? Other than a bus shelter the land had no useful purpose. So we got a token amount based on 'comparables.'

I guess in this case, because of zoning, etc. it didn't have a lot of useful purposes. Not likely it could have been rezone to residential and hosted a mansion.

(03-02-2021 11:14 AM)alum93 Wrote:  

(03-02-2021 10:31 AM)emu steve Wrote:  

(03-02-2021 09:52 AM)Ken Barna Wrote:  Dear steve,
It appears to be a parking lot extension of the original parking area for Rynearson Stadium. It was just a small area compared to the original parking.
What I just said is based on the street intersections, if that is correct.

Damn, for 30K I would have bought it and built me a nice little house in town... Just walk to Rynearson...

Just curious what the usage of it will be. Very nice corner. Really wonder if it would be used for commercial development.

Isn't that where the indoor golf facility will be?

I'm hoping the sale is to Game Above for the golf facility. After their contribution included not only building the facility but maintaining it as well. Perhaps EMU is creating another LLC like Eagle Administrative Services that operates Eagle Crest to manage the practice facility? Ypsi Township still owns the land the Crest is built on, EMU just has a sweetheart lease. The LLC presents some advantages such as avoiding union wages and protocols. My speculation only.

Otherwise the deal is abysmal. The commercial real estate market is in the tank but this is clearly a "fire sale" price. The only costs to the owner of a vacant lot are paying property taxes that EMU does not do and maintaining the property by mowing the grass and cleaning any debris. The costs of maintaining the property are marginal when you are servicing an adjoining property as EMU does. By contrast the COB building required extensive custodial, repair and utilities expense.

The Prez has surprised me to date with his financial acumen. I just can't see him unloading such a property for such a low price to a concern that might build a dollar store there.