Another seriously plugged in reader; another big development; and another big question:
The Transbay Joint Powers Admin [TJPA] over that past few weeks has been sending out offer letters to purchase properties around the Transbay Terminal. The TJPA is moving forward with their acquisition plan for 20+ properties (maybe 33 if memory serves me correct) for their right of way needs. It’s very hush hush as they do not want the “offers” to be made public – but “fair market” values are being tossed out there to the land owners. “Fair Market” – mind you the only people the land owners can sell to is the TJPA.
Negotiations will go on for the next few months, but if no final “fair” price is agreed to, then the TJPA will go the [Board of Supervisors] and play the eminent domain card.
And the question: “If these land owners could sell their properties to the big time developers they could be making an additional 25% on these “fair market” values. So the question is – what is truly fair market?”