Need to sell commercial real estate because new school being built

[iKwak]

One of my family members own a commercial real estate in an industry city.
He received a letter from the city saying that he needs to sell the property because the city plans on building a new elementary school in that area.

Well, he can live with that. What he likes to know if:


1) How does he go in a negotiation with the City of cost per square feet? (Like what is the process?)

2) Can he discuss a "trade" where he and the City trades each other property?
For example, he would give up his property to the City and in return, he gets to choose an available City-owned property since the City probably owns a lot of real estate.

3) Lastly, do you know any online forum that focuses on commercial real estates?

Thank you for your time.

 

[Michael Wechsler]

What was contained in the letter? I am assuming that this is an issue of "eminent domain" and there isn't really a negotiation, from my understanding. From what I'm told, the land is sold at what is determined to be "fair market value" at that time. There are a number of citizens fighting what they believe to be "eminent domain abuse" -- especially Ohio -- since they believe that the officials who voted to do as such abused their power and also the landowners did not want to sell.

Originally posted by iKwak
One of my family members own a commercial real estate in an industry city.
He received a letter from the city saying that he needs to sell the property because the city plans on building a new elementary school in that area.

Well, he can live with that. What he likes to know if:


1) How does he go in a negotiation with the City of cost per square feet? (Like what is the process?)

2) Can he discuss a "trade" where he and the City trades each other property?
For example, he would give up his property to the City and in return, he gets to choose an available City-owned property since the City probably owns a lot of real estate.

3) Lastly, do you know any online forum that focuses on commercial real estates?

Thank you for your time.

 

[iKwak]

Hello administrator and thank you for your post.
I did not get a chance to read the letter myself but once I do get a hold of it, I'll be sure to post it on the board.