Cash strapped Town of Laurel rejected a bid of $160,000 they had hoped to sell for $270,000 this week from a developer who was interested in building medical buildings for Nanticoke Hospital.
The parcel in question is the 3-acre site used for the annual 4th of July activities and for use by other non-profit organizations. While the town is anxious for development and the taxes it would generate they would not accept the $100.000+ for the land.
I don’t know of anyone who is a developer on the council, but the purchase of the land is just the tip of the iceberg. The land is in a 100-yr flood zone; if you see the sewer man-holes how they ae elevated, dirt has to be hauled in to at least that level. Estimates I have heard is approximately $200,000+ for dirt and site work. The land along the river is not included in the sale, ownership will remain with the town, so that means a retaining wall would probably have to be errected to hold back the dirt.
Thus a developer could have $500,000 in the land before they turn a shovel. Medical buildings are expensive to build having to abide by stricter building and health codes than an average building.
A bright light is the developer has other properties in mind that would cost less and still give him the visibility the hospital wants on Central Avenue.
Unless the town is willing to take less for the land, the 4th of July in Laurel will continue for many more moons.