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.
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“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.”
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