City paid $160,000 to purchase the swampy portion of Lotus Creek Associate's development property
If it wasn't so criminally costly, it would be hilarious - the city and federal government paying $2.93 million for only the swampy portion of this developer's property in a deal that was twice ruled illegal by Circuit Court Judge Patricia West who called the city's bid process a "sham."
Lotus Creek Associates, the developer, is keeping the good, valuable, high ground. The portion the city bought was only assessed at less than $500,000.
So, if anyone out there would like to sell the Virginia Beach City Council, the Brooklyn Bridge or oceanfront in Arizona, please call Jim Spore, city manager and chief real estate developer, City of Virginia Beach - 757-427-4242.
Only those with criminal records or cozy, secret political connections should call, however.
Area A1, 23.7-acres, is the first section and is being developed for 45 single-family housing; A2, 10.1-acres,retained by the developer will be built out with 28 additional single-family homes; the city bought the 47.8 acre swamp identified as Area B & C to give to FWS which is holding development of a new, safer Ferrell Parkway hostage to control growth of Virginia Beach in the southern section of the city, particularly the southern beaches at Sandbridge.
City's bid process called 'sham' by judge