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August 9, 2005

Land grab: Property at issue if the monorail dies

Puget Sound Business Journal

To take your mind off of the strange goings on here in Brooklyn, things in Pugent Sound are getting "curiouser and curiouser." Here's a synopsis of an article about surreal twists of fate as eminent domain is used and city planning goes awry:

For decades the Puget Sound area's Fiorito family has been buying property to assemble a parcel for a mixed-use development.

The City condemned a prime parcel at the center of their holdings for a proposed monorail. Now that the financialy strapped agency is scaling back, or maybe even scrapping the entire idea, properties that were seized by eminent domain could be placed back on the market.

No worries: if the Fiorito's want their parcel back, they may have the opportunity to compete with other bidders to buy back their property, probably netting a pretty penny for the City in the process as property values in the area have risen.

The irony is that the City was also able to condemn a parcel that the Fioritos had been unable to purchase. If the family were to buy this parcel as well as buying back their former property, it could complete the assemblage of land needed to fulfill their dreams of redeveloping the neighborhood.


Posted by lumi at August 9, 2005 6:13 AM