How can the land be estimated at $20 when developers brought land one minute by car according to the google map for $35 million? That land is 7 1/2 acres.
It's not 1 minute by car. It's more like 10 minutes.
Unless they build a vehicular bridge over the Morris Canal, there is no direct route between the LSC lot and downtown.
We see this differential in lots for sale. E.g. there's a lot at 379 Communipaw, .25 acres for $200k. Another lot is at 423 Grand is .33 acres and... $4 million.
And those two lots are only a 3 minute drive apart.
Is it news to you that in real estate, location is critical?
Silly comment. First, the projected project will have access to Johnston Avenue and Phillips Street. Second, the extension of Jersey Avenue into LSP is planned. So yes, it's a direct comparison.
As far as the 'donation', since it's being paid back-and JC taxpayers are second in line to receive funds to compensate for the still-as-yet unknown value of the land-let's do this.
The comp for the 7.5 acre plot, in 2015, was $35 million.
Let's use that as the valuation, in 2017, for more than DOUBLE the acreage.
Put JC in front of the 'donors' who want their 'donation' back first from whatever 'profits' are generated from 'whatever' profit generators are 'planned' but have JC keep title to the land until such time as the valuation is paid back.
How about that, shouldn't JC taxpayers get some relief?
And the carrot of a 'free' high school-great, they build a school. Is LSC paying to maintain the school? Paying the staff/administrators/janitors? Since we know JC school aid is frozen from the state, and likely diminish because of School Adjustment Aid reforms, what will be the cost to JC taxpayers for this 'free school'?