Back to: Opinion
May 29, 2013
Follow Opinion

Philippe: Whole Foods land deal could have a negative ripple effect

By selling the Interstate Parcel at such a discount, the Town of Frisco is killing my own, personal land values.

We are in the process of re-negotiating some older, higher interest mortgages, and the lower price sale by Frisco for vacant land could have a dramatic effect on the new interest rates I am negotiating.

The town will, in effect, lessen the value-to-loan ratio of my investment portfolio and the investment value of other Frisco property owners.

This will affect a planned development I have already submitted and taken through sketch-plan review, a development that could make a positive change on West Main Street.

In my opinion (and soon to be the opinion of my 90-plus Main Street tenants), the original Whole Foods deal has morphed in to something unacceptable and detrimental to the average Frisco business owner.

The accelerated pace of re-negotiation by the town reeks of impropriety.

In this positive business climate and the growing success of Frisco as a whole, why do we need to sneak a desperate transaction past the citizens when the same business climate will support a market deal with a developer who can come out-of-pocket with the needed funds?

Why not sell a pad for a free-standing Whole Foods store and then parcel off more development as the market allows?

That is what I would do; that is what you should do. That is what the town and its citizens deserve.

Robert S. Philippe

Frisco



Stories you may be interested in

The Summit Daily Updated May 29, 2013 04:02AM Published Jun 3, 2013 12:33PM Copyright 2013 The Summit Daily. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.