Finals bids for Whittier's Fred C. Nelles Youth Correctional Facility due at 5 p.m. today
It's taken a while but today at 5 p.m. is the deadline for developers to put in their bids to purchase the now-closed Fred C. Nelles Youth Correctional Facility in Whittier. Although today is a furlough day for the state, the project manager for the Nelles property sale will be present on at the state Department of General Services in Sacramento to accept bids until the 5 p.m. deadline, said Jeffrey Young, department spokesman.
Developers have had a couple of chances in the last several weeks to find out what a real estate firm thinks the 73-acre property is worth and what the city wants there.
The City Council recently said it favors a development alternative calling for 45 percent residential, 35 percent commercial and 20 percent other uses, such as medical offices.
Most expect this to be a more peaceful operation than what happened the last time the state sought bids in 2006. This time around, the relationship between the city and the state has seemed to be pretty good. That wasn't the way it was in late 2005 and 2006.
It started with the breakdown of negotiations between the city which wanted to purchase the property itself and resell it to its developer. But the city thought the property should be valued at $83 million and the state wanted $106 million. Then, Meruelo Maddux Properties put in a bid of $107 million. The sale was delayed when the city questioned the bidding process, saying the state should have had an independent appraisal over the value of the land.
Eventually, the city withdrew its request, but then on the day the sale was supposed to be approved, the state decided it still might need Nelles as a prison.
That set off a two-year fight that ended last summer with the state again putting the property up for sale.
There is an irony to all of this. Meruelo Maddux Properties has since filed for bankruptcy and it's possible if the sale had gone through the Nelles might be tangled up in that process.
Now with the final bids coming, we'll should learn soon how much the property is worth, which company is getting it and what its plans are. We should have a story in Tuesday's newspaper reporting what we can find out about the bids.
Developers have had a couple of chances in the last several weeks to find out what a real estate firm thinks the 73-acre property is worth and what the city wants there.
The City Council recently said it favors a development alternative calling for 45 percent residential, 35 percent commercial and 20 percent other uses, such as medical offices.
Most expect this to be a more peaceful operation than what happened the last time the state sought bids in 2006. This time around, the relationship between the city and the state has seemed to be pretty good. That wasn't the way it was in late 2005 and 2006.
It started with the breakdown of negotiations between the city which wanted to purchase the property itself and resell it to its developer. But the city thought the property should be valued at $83 million and the state wanted $106 million. Then, Meruelo Maddux Properties put in a bid of $107 million. The sale was delayed when the city questioned the bidding process, saying the state should have had an independent appraisal over the value of the land.
Eventually, the city withdrew its request, but then on the day the sale was supposed to be approved, the state decided it still might need Nelles as a prison.
That set off a two-year fight that ended last summer with the state again putting the property up for sale.
There is an irony to all of this. Meruelo Maddux Properties has since filed for bankruptcy and it's possible if the sale had gone through the Nelles might be tangled up in that process.
Now with the final bids coming, we'll should learn soon how much the property is worth, which company is getting it and what its plans are. We should have a story in Tuesday's newspaper reporting what we can find out about the bids.
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