CM Salem said he spent a lot of time on the bill, and while it was not perfect, he was ultimately convinced after learning that the developer would cover the costs of evaluating the building. He noted that evaluating the building could cost $2-4 million before entering into any agreement for it.

Neighborhoods, Community Services, Public Health and Safety Committee · 2026-06-01 · agenda_item

A developer is considering a project involving a building located in Downtown. The developer plans to spend between $2 million and $3.5 million to evaluate the building. This evaluation process is currently under review by the Neighborhoods, Community Services, Public Health and Safety Committee. The project scope includes extensive building evaluation, architectural planning, and potentially exploring code modifications for features like a rotating restaurant. This early stage presents an opportunity for contractors, suppliers, and service providers to engage with the developer. Businesses specializing in site evaluation, architectural services, construction, and related trades could find opportunities as the project moves forward. Early engagement before final plans and permits are set can provide a competitive advantage.

evaluation cost

2-4 million dollars

evaluation cost

2-3.5 million dollars

annual maintenance cost

1 million dollars

due diligence and closing cost

1.5-2 million dollars

appraised value reduction

93 percent