DON’T LET THIS HAPPEN TO HUNTINGTON CLUB
In a 2009 memo, we were offered a “swap” or immediate buy out. We were then offered a discounted purchase price pegged to appraised values (not market value). Next we were offered a “share of the profit in each phase.” How many more scenarios can they come up with and how much longer can they come up with worse and worse ideas? As long-time resident owners, we have grown increasingly concerned about the lack of specifics and transparency both in the redevelopment negotiation process and in the cost and delays of the redevelopment process. Just as important, we are concerned that the accumulated costs of redevelopment could have been invested in our backlog of infrastructure needs here at Huntington Club. Early on we were promised by Mr. Irwin and the Committee that no needed repairs would go undone while our money was spent chasing developers. That certainly has not been the case. The next idea has been worse than the preceding one, etc. Some of our more specific concerns are listed herein. • Redevelopment Purchase Options have been significantly and constantly downgraded
• Originally Many existing owners were given to understand that they would be offered an exchange of their unit for comparable new units at below-market value.
• A significant number of HC owners would prefer to purchase condominiums on site, at below-market prices. In a February 2, 2015 newsletter to HC owners, it was reported in a HC survey that 36% of owners responded that owning a new unit onsite would be “very important,” to them compared to 34% wishing to sell to a developer immediately.
• In negotiating the purchase of new units by resident owners. At that time, Phase I proposals were estimated to involve the redevelopment of 150-196 existing units, which would include buildings 1, 2, 3, 5, “and possibly 4.” New units in Phase I were described as likely to consist of “a mix of condominiums and apartments,” with existing owners in the 4-5 buildings in Phase I who wished to stay on site being able to purchase “a number” of the condo units to be built in Phase 1.” Phase 2 relocation and redevelopment was scheduled to begin around 2 years after the HC Association approval of the best and final redevelopment offer and completion of necessary zoning and site planning. Phase 2 was stated to “begin about two years after the start of Phase 1.”
As of December 10, 2015
• The timeline for Phases 2 and 3 had been pushed back another 10-15 years, with still no specific condominium purchase price or discount option specified to HC owners in Phase I or any other areas for present owners who still wish to buy.