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Re: JDS

Posted: Mon Nov 02, 2015 2:30 pm
by snoqueen
http://host.madison.com/wsj/business/ex ... cc4b5.html

Given all the givens, I think this is a good outcome.

Re: JDS

Posted: Mon Nov 02, 2015 2:44 pm
by I am Jack's PO Box
snoqueen wrote:http://host.madison.com/wsj/business/exact-sciences-to-expand-at-university-research-park-not-downtown/article_cfa1f4c9-a04a-50b0-807f-6e7bef7cc4b5.html

Given all the givens, I think this is a good outcome.


Thumbs up to that. I wonder how quickly can the city re-open discussions with the other developers and if any will still be interested, or if this is headed for a third RFP.

Re: JDS

Posted: Mon Nov 02, 2015 3:57 pm
by MadMan
It looks like the city dodged the bullet here. I wonder what happened behind the scenes? What was ES's response to Soglin's 10/28 deadline for info, and what did Soglin & city lawyers think of it? Some discussion of what was asked in previous post (other options) is here, but it is really mostly a rehash of history:

http://host.madison.com/wsj/business/ex ... cc4b5.html

Re: JDS

Posted: Mon Nov 02, 2015 4:00 pm
by gargantua
Are we ever lucky. I hope those who bought into the "we need to rush into this now" con have learned from this.

Re: JDS

Posted: Mon Nov 02, 2015 4:30 pm
by christopher_robin
No doubt!

Lessons

1. Do the research on your partner next time -- there were red flags all over the place here
2. You don't get to take the taxpayer money AND be a bully on timelines
3. Corporate welfare sucks
4. Don't give valuable land away

Re: JDS

Posted: Thu Nov 05, 2015 12:30 pm
by christopher_robin
Some council members disillusioned with Judge Doyle Square consultant
Consultant rehired despite criticism of impartiality towards failed Exact Sciences bid
Nov 4, 2015

The City Council rehired the consultant behind the Judge Doyle Square project after several alders voted against the measure, citing a lack of impartiality.

Critics said consultant George Austin favored Exact Sciences without fairly considering alternatives. Council members supporting Austin’s rehiring said his extensive experience and long tenure on the project is invaluable and that Exact Sciences’ withdrawal was not foreseeable.

https://badgerherald.com/news/2015/11/0 ... onsultant/

Re: JDS

Posted: Thu Nov 05, 2015 1:00 pm
by jman111
...not foreseeable

clearly

Re: JDS

Posted: Thu Nov 05, 2015 3:13 pm
by christopher_robin
To recap:
-----
On June 3, the negotiating team that was hashing out the Judge Doyle Square project with a private developer asked for some advice from Brian Weinstein. Weinstein is a stock analyst for the Chicago-based William Blair & Company, and the city’s negotiators wanted his opinion on Exact Sciences, which was vying to have its headquarters be the cornerstone of the Judge Doyle Square project ... What isn’t mentioned in the report, however, is that Weinstein’s firm is the third-largest holder of Exact Sciences stock. It currently holds more than 5.4 million shares. ----

The council just re-hired this guy. They can't find anyone else to do it? What?

Re: JDS

Posted: Thu Nov 05, 2015 4:34 pm
by snoqueen
This town is still small enough to get inbred, and I'd like to see a whole bunch of new players up town.

Re: JDS

Posted: Tue Nov 17, 2015 9:35 am
by willystresident
http://host.madison.com/ct/news/local/g ... 0931a.html

Well, if these guys drop out, just ULI and Beitler will remain. I imagine ULI still has the capacity to complete the project, but Beitler just announced its building 3 hotels in Chicago, so that might have been the equity that was going into the JDS project.

Re: JDS

Posted: Tue Nov 17, 2015 12:26 pm
by gargantua
I certainly wouldn't blame anyone for walking away from being jerked around so much.

Re: JDS

Posted: Tue Nov 17, 2015 1:52 pm
by snoqueen
In the beginning, four companies submitted proposals knowing the city's procedures.

The city jumped over its own procedures.

In the future, knowing the city has a record of disregarding its stated procedures, a reasonable company might choose to take its efforts elsewhere given a competitive business climate.

ULI knows everybody in city hall and probably has a better chance of working around this BS than somebody from out of town. They didn't engineer this debacle but they're in a fine position to profit from it.

I think narcoleptish called this one several months ago. Whaddaya bet the job goes to ULI in the end?

They have a record of doing good work, but the competitive aspect of the process is going down the toilet here.

Re: JDS

Posted: Tue Nov 17, 2015 3:47 pm
by gargantua
It's terrible. It's embarrassing. Not only are they screwing up by rolling all these elements, some (I'm looking at you hotel)unneeded into one huge project, they've completely screwed up their own process for choosing the developer. The level of incompetence displayed here is truly amazing.

Re: JDS

Posted: Tue Nov 17, 2015 4:11 pm
by snoqueen
Agreed. The first thing they need to do is unbundle the parts so if one fails (say the hotel, or even another anchor tenant) the others can continue. We already saw one bloated, one-legged plan collapse. Break it down.

I know I said this a year ago, but if the private sector were allowed to develop this collection of properties in reasonable sized chunks the risk to the city would fall significantly.

Look at the block of residential high rises behind the old St. Ray's lot. Some smart person saw the potential in letting several different design teams work out compatible but separate pieces. Some were slow to sell in the real estate downturn, but today most people would call the whole area a success. It's not like this is a brand new concept or guarantees inferior results. On the contrary, it's the usual way a city is built: piece by piece.

We don't need grandiosity, we need a few workable pieces in scale with other blocks south of the square.

Re: JDS

Posted: Tue Nov 17, 2015 11:00 pm
by green union terrace chair
snoqueen wrote:Look at the block of residential high rises behind the old St. Ray's lot. Some smart person saw the potential in letting several different design teams work out compatible but separate pieces. Some were slow to sell in the real estate downturn, but today most people would call the whole area a success. It's not like this is a brand new concept or guarantees inferior results. On the contrary, it's the usual way a city is built: piece by piece.

Not quite, if you're talking about Capitol West. The block was all designed in one go, but the recession put the skids on what became Hyatt Place (was going to be some sort of residential) and 306 West Apartments (was going to be more condos), as well as the proposed skinny condos between the parking ramp and Main Street (those are just coming back to the proposal stage now).

To edit your posit, Alexander Co. was able to weather the recession and adapt their plans to an ultimately successful end.

This in comparison to JDS, where the flagship fell and the rest followed before brick one was laid.