Time for the city to BUY!

UPDATE: So the city didn’t buy either of the two building I recommended as examples. The two buildings I suggested came to about $2.1 billion. In stead they bought the burnt down Days Inn for $2.2 million…

(From a facebook post in February.)
This is across the street from the Salvation army and is for sale for $1.1 million since October. It’s commercial property. Since the pandemic commercial property has gone up for sale and with telecommuting the demand is dropping. There is opportunity for the city to buy this for cheap and convert it to dorm style low income housing or transitional housing.

Buying now when commercial property is relatively cheaper is a great investment in our city’s future. We can use it for the city, rent it out as a business incubator, make it available for nonprofits, add homeless transition space, redevelop it for low income housing, and/or resell it in 3-5 years for a profit. It’s just prudent economic policy. It’s what government is supposed to do.

Half a block up on the left another building is for sale.

The city could buy both for relatively cheap. This would make a more robust attempt at homeless transitional and low income housing.

Both of these properties are right next to the Armory that was just given to the City of Olympia. Some people have suggested that the armory would make a good homeless shelter. It’s hard to argue against that. However I do think that the city needs more arts and since several venues have permanently closed downtown, it seems a real need. Buying and converting these buildings could be a good compromise.

Developers know this as well!

An article in the Olympian, “Developer doubles down on Lacey, buys 5 more office buildings in city’s Midtown,” shows that the private sector knows it is the right time to buy as well!

“We are very bullish on Lacey,” McClure said.

Where is the current city council? Missing the once a decade opportunity for a big and cheap reinvestment?

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