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Article: LOSING OFFER FOR LANDLORDS WITH REAL ESTATE PRICES HURTING, OWNERS FEAR THEY'LL LOSE MONEY IN MADISON'S PLAN TO BUY AND REDEVELOP THEIR PROPERTIES.(FRONT)
- Article from:
- The Wisconsin State Journal (Madison, WI)
- Article date:
- November 10, 2009
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Byline: DEAN MOSIMAN dmosiman@madison.com 608-252-6141
Because of depressed real estate prices, Madison's move to buy seven worn apartment buildings on the South Side for a senior housing redevelopment may cost the current owners big time - perhaps nearly $1 million.
Although initial city purchase offers to the landlords are far below the assessed value of the properties, including some that have been trouble spots, city officials say they'll do everything legally possible to ensure the owners get a fair price. The city is committed to the project and will acquire the properties through purchase or condemnation.
John Lucille, a city firefighter ...