This is a “nil” report. There is nothing new or substantial to report. Except that the due diligence process has been extended to early Spring of 2018. You are missing all the predefined milestones including the ones predefined by the city for the acquisition of 9 Madison Ave.
It does not matter how long you delay the due diligence report or re-do it, it will not alter the result. Regardless of how many building configurations you go through you will not create a single new parking spot. Without parking this is an inferior commercial property and that will not financially sustain itself let alone the activities of the Estonian community. This is surely already self evident, if you have done any credible investigation of the site-specific leasing market. (I suspect that you know the results already.... put your facts on the table if you have them.)
Of course there are parties interested in purchasing the Broadview property. But at what price? We already know the price Alterra was prepared to pay before it realized that city height restrictions made development unsustainable. It does not matter how much you research the heritage and planning criteria for the Broadview site. The bottom line is that proceeds from the sale of the Broadview site will not come close to covering the development costs of the Madison Property.
I suspect you know as much already. The delay is putting off the inevitable. The Madison proposal is not financially sustainable and the proceeds from the sale of Estonian House will not be sufficient to cover the development.
Maybe it’s time to put the facts on the table and let us deal with the reality not the dream.
Väino Einola
