How Much To Walk Away From The Civic Center?
How much did it cost Weingarten Realty to walk away from the Boisfeuillet Jones Atlanta Civic Center redevelopment? More than $900k.
That was the word during a conference call between Weingarten CEO Drew Alexander and stock analysts this week. The company, whose booth at ICSC Southeast we snapped today, identified that it spent $909k on its write-off of the Atlanta Civic Center pursuit cost. While Drew did say communication with the City of Atlanta continues, he explained part of the reason for the standstill.
“I would say just from a big picture perspective that we are very sensitive to the risk/reward” Drew said. "Oftentimes, sites have complications that are not just the economics, which are complicated in and of themselves; you got to line up tenant interest, get the right rents, figure out the costs, etc.
“But you can also have engineering and other problems that can take a while to understand the details, and the details are really important," Drew continued. "And we just couldn’t come to a meeting in the minds on the appropriate time, hence the impasse.”