Share this article

print logo

LOCAL NEWS BRIEFS - Niagara

Public hearings planned on Davison Road sales

LOCKPORT -- The Niagara County Legislature has scheduled public hearings at 6:45 p.m. Tuesday on the sale of two pieces of county property on Davison Road.

A group of homeowners on Windermere Road, which borders the county land on the north, are to pay $37,080 for 10.3 acres to be used as a buffer strip from any future development on the land.

The county has 84 more acres on Davison Road that it has considered selling, not counting the adjoining county golf course.

On the east edge of the property, the homeowners association at Waterford Estates Condominiums is buying about 1.2 acres for its own buffer strip, at a price of $4,218. The strip measures 75 by 698 feet.

The Legislature's Public Works Committee approved the deals in December, but its chairman, Clyde L. Burmaster, said final action was delayed because of red tape over water and sewer easements. The terms forbid the new buyers from constructing any permanent buildings on the land.

-----

Auction fails to secure buyer for Prime Outlets

LOCKPORT -- Prime Outlets Mall in the Town of Niagara likely will be sold in a private transaction, after the only bidder in a foreclosure auction Wednesday was the holder of the delinquent mortgage.

Raymond Fink, an attorney for the mortgage holder, set the opening bid at $62.5 million. None of the four other registered bidders wanted to top that, so the mall, which is more than 95 percent occupied, now is the property of Wells Fargo Bank as a trustee for GMAC Commercial Mortgage Securities.

Dennis M. Penman, executive vice president of M.J. Peterson Real Estate, the receiver for the mall, said his company will continue to manage the 530,000-square-foot Military Road shopping center. "It's up to GMAC and Wells Fargo to find a purchaser at a price that's acceptable to them," he said.

The former owner, Prime Outlets at Niagara Falls USA Limited Partnership, based in Baltimore, stopped making mortgage payments in January 2004 and sought bankruptcy protection.

There are no comments - be the first to comment