A recent article in the Stamford Advocate announced the sale of the downtown Stamford property which was, until a few months ago, the home of the newspaper. It began,
A Norwalk developer confirmed yesterday it entered into an agreement to buy the former Advocate building in Stamford and Greenwich Time building in Greenwich from Tribune Co. for an undisclosed amount.
Here's the comment I posted ...
Isn't it interesting that the article talks about "bought the buildings?"
What the buyer wanted is the land. The building, at least the Stamford one, will likely be demolished.
I can understand the Advocate's staff's attachment to the building in which they worked for years. But this transaction is about LAND! 3.2 acres in downtown Stamford -- about 75% of the size of our famous hole in the ground a few blocks down Tresser Boulevard.
I look forward to hearing what the property sold for, and how much it costs to get rid of the now-obsolete building. At least $10 psf, probably a lot more. That gets added to the transaction price to figure the value of the land.
I hope that future downtown assessments will reflect the full value of Stamford's choicest sites.