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The Bullard Houses

  • Ask what their plans for the property are
  • Ask about group’s history
  • Ask about their future directions

Find out...

  • Plans for the property
  • What they can pay and in what form

Relationship

Options

Communication

Interests

  • Maximize profit
  • Want to build a casino
  • Prefer money in hand over future funds
  • Don’t damage political ambitions
  • Try not to rezone Bullard unless it will make the mayor happy

BATNA

$60,000

$189,000

Criteria

Reserve: $25 million in cash

Aspiration: $30 million in cash, to be used in a politically desirable way, pays off our debt

Madison Properties

  • Wants to create 91 luxury apartments
  • Sell between $900,000 and $1.5 million; revenues of ~$100 million
  • Want to buy 75% of Downtown stock and give us %25 share in profits after costs
  • Up front we get: $11 million cash
  • assumption of our Mortgage ($1.77 million)
  • payment of $60,000 back taxes
  • Total value is 20.5-23.5 million

Commitment

Alternatives

Madison Properties

  • Wants to create 91 luxury apartments
  • Sell between $900,000 and $1.5 million; revenues of ~$100 million
  • Want to buy 75% of Downtown stock and give us %25 share in profits after costs
  • Up front we get: $11 million cash
  • assumption of our Mortgage ($1.77 million)
  • payment of $60,000 back taxes
  • Total value is 20.5-23.5 million

Grouse, Inc.

  • Create Boston Market type commercial center
  • Double area, connecting glass pavilions, new gardens
  • Must be re-zoned
  • Pay $14.2 million cash for 60% of our stock
  • 40% share in profits
  • They loan us money to develop it, and if it doesn’t work, they will pay all carrying costs until we find another buyer
  • Grouse must remain anonymous for the time being

Gentrification, Inc.

  • Wants to develop 51 brownstones
  • Pay $60,000 and $189,000 debt
  • Mostly pay in notes that we could sell in the bond market for cash
  • Total value is 24.5 million

Options

  • Can pay off: $60,000 and $189,000, add $500,000
  • Keeping residential; addresses zoning...it's a hotel
  • $22 Million--received within 7-10 days
  • Green space accessible to all
  • Town meeting-style meetings areas
  • Tell city they're not interested in moving people out, are interested in maintaining the historical character of the property
  • Keep confidential until permits are in place
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