Philippe: Whole Foods land deal could have a negative ripple effect
Ryan Summerlin June 3, 2013
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
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