Public-Private Partnership Results in Win-Win for Both City and Landowner

Sited Directly Over the Vacated, Former Street

Consulting with a regional bank on a key parcel of vacant land it owned in the downtown of a major city, Willam recommended the vacation of an almost-never-used public street that ran through the property.  The street was part of an old residential subdivision that predated the civil war; all the decrepit structures had long since been torn down.  The street was redundant and added no utility to the existing roadway network.  In recent years, the frontage road of an interstate highway bordered the property, rendering the property more useful for commercial than residential.  After shepherding the vacation of the public street through the complex city vacation process, Willam negotiated a win-win transaction for the sale of the street right-of-way between the city, who owned it, and his client, who was eager to purchase it to expand its land and recombine the formerly bisected parcels into now one parcel with commercial potential.

Following the street vacation and sale of the right-of-way, the bank soon sold the now assembled parcel to a developer for approximately seven times what it had been appraised for when Willam first began the project.  Today, there is a Doubletree Hotel and a Denny’s Restaurant on the site. The Hotel and Restaurant are sited exactly on top of the former right-of-way of the former public street.

In addition to the proceeds it received from the sale to the bank and the ongoing tax income it receives from the hotel and restaurant, the city ended up being relieved of the burden for ongoing street maintenance.  Because the vacant property surrounding it provided no “eyes” on the street, it had grown into a popular location for inner-city crime.  For that reason, the city council, police department, and the surrounding neighborhoods were also only too pleased to see it go.