The appraisal, conducted for city hall by CWPC Property Consultants, contemplated a 425-foot or 42-storey tower, totalling 390,937 square feet or a 500-foot or 50-storey tower with 567,000 square feet. If the property is not developed in the first five years, city hall has the option to buy it back for the purchase price.
In a Nov. 21, 2016 news release, city hall said it received four offers and deemed the Pinnacle proposal “the best overall value.” But the news release made no mention of the appraisal.
The deal calls for Pinnacle to pay an extra $365 per additional buildable square foot above the current zoning. Pinnacle would owe $73 million to $127.75 million if the city approves another 200,0000 to 350,000 square feet above its current 186,641 square feet zoning. The triangular property had been zoned for a 17-storey tower, six-storey low-rise and a four-to-five storey low-rise. In its August 2016, court filings against city hall, Concord Pacific claimed city hall was breaching the original October 1999 sale agreement that included a promise for the land to be “used exclusively for charitable public purposes through development as non-profit housing units and that its designation would be maintained.”