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behalf of Kovach, filed a request to have the subject property
rezoned to permit commercial office usage. The rezoning request
was denied on July 25, 1978. The contractual agreement between
the parties was never consummated as a result of the denial of
the rezoning request.
Commencing in 1980, Held and Dudley received several offers
to purchase parcel B. In 1980, John Runnion (Runnion) made an
offer to purchase parcel B at a price of $2 per square foot, or
$894,722. This offer was rejected by Held as not being
reflective of the property’s fair market value.
Also sometime during the early 1980's, Institutional
Investment Corp. sought to purchase parcel B for $3,200,000.
This offer, which was subject to numerous conditions, was never
consummated.
In April 1985, Held entered into an agreement with an
unidentified realty company with respect to the sale of parcel B.
This agreement called for the purchase of parcel B at a price of
$325,000 per acre, or a total of approximately $3,250,000.
Nothing further developed from this offer.
In June 1985, Lincoln Property Co. (Lincoln) sought an
option to purchase a portion of the trust property for
$1,850,000, subject to a feasibility study. This offer was
denied. Lincoln also sought to form a partnership with the trust
to develop parcel B. The proposal, which was subject to numerous
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Last modified: May 25, 2011