Is Wolstein a good developer. or just a REIT? Let's look around NEO

Submitted by Norm Roulet on Thu, 05/25/2006 - 03:12.

  

Attention K-Mart Clevelanders - the Wolstein site plan above is what you can expect from his public Real Estate Investment Trust - what he and his stockholders want is a 12-15% return - they only exist to make money.

I took the Cleveland planning community and Plain Dealer on their words that Wolstein is a good developer. Time after time I read and hear how lucky we are to have Scott Wolstein developing the East Bank of the Flats - no one else in the world could handle it. For some reason, I thought he had developed Legacy Village, which is nasty but lots of people point to as some "good" development, but Wolstein didn't make that mess... that was the WalMart SteelYard Commons guy Mitchell Schneider - and Stark is partners with Carney (Port Authority) on Crocker Park, and Stark is doing a big deal with Carney, er the Port and some parking lot scalpers around public square - got it. So what did Wolstein do that was so great? Let's look at his other projects in the area.

 

 

Blue Light Special... Wolstein has a K-Mart Plaza at West 150th - this is as bad as it gets.

 

Wolstein owns the chunk of high traffic property between ODOT and Crocker Park - is it on Carney family land? Should Carney be in a position to give money to Wolstein - and Stark, who is Carney's partner on Crocker Park?

 

They call this a "Power Center" - I suppose meaning they have a WalMart - this is in what used to be called the country, before ODOT and Wolstein ruined this place - it is now bad for the environment and mankind. It does make money for WalMart, Wolstein and his investors. 

 

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Eminent domain alla Mr. Wolstein a fraud?

Eminent domain alla Mr. Wolstein a fraud?

 

Mr. Wolstein claims that he has pursued  the Flats development as a dream for 18 years (interview with Mr. Wolstein in Northorn Ohio Luxury Living - or some such trashy mag a month ago).  I think that’s not the truth.  Here’s why: over the last 2 or 3 years at least 4 parcels have been up for sale and have been purchased on the open market by buyers other than Mr. Wolstein (see various artcls. in PeeDee).  Where was Mr. Wolstein?  How was he outbid for these parcels when it was his Dream to own the entire zone? 

 

Maybe Mr. Wolstein didn’t bid to win on the open market because he was aware that he would be able to use eminent domain alla Port Authority connections down the road?

 

Anyone have any insight on Mr. Wolstein’s connection to the Port Authority?