Up Sucker Creek

Up Sucker Creek
Photo Courtesy of the Lake Oswego Library

Thursday, July 16, 2015

Will he or won't he?

I have a bet with a friend on whether or not Patrick Kessi and his investors will begin demolition of the Wizer building before all legal challanges have concluded.  What do you think?  It's all about money, not about the good it will do our little town, so you have to look at it from a gambler's point of view.

Now is the time to start thinking of starting that office pool or the friendly bet among friends.  The last tenant, The Glass Butterfly, must move out of the Wizee Building at the end of September.  As for Kessi:
Will he or won't he tear the place down before all legal challenges are exhausted?    

$   If, in a final appeal at the Oregon Supreme Court, the Court decided the appellants made their case (to deny the building permit), would the city stop construction, or would Kessi and his investors win anyway because they had already "come too far" to stop?

 $   Will the appellants get an injunction to stop demolition and/or subsequent construction until all appeals have been exhausted?

$    Will Evergreen Group LLC investors (or their lenders) pull the plug, fearing the consequences of a delay or final judgement?  Or will they take a risk that building sooner will not result in money lost or will will warrant the risk of rising interest rates?

$    Would the city actually pull the plug on a project in progress if a court decision denied their building permit?

It is interesting to note that the names of the Evergreen Group LLC investors have not been made public.  Why not?  Rumors are all over the map on who might be involved; local vs institutional owners would affect the apartments' management and relationship to the community, so it is important.  I am still scratching my head about that $95+ million price tag - it just doesn't feel right.

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