Archstone vp talks with Times editorial board

Archstone senior vice president Ken Miller is meeting with the St. Petersburg Times editorial board today starting at 1 p.m. Check back this afternoon to hear what he had to say.

UPDATE: Miller just wrapped up more than an hour-long discussion with the editorial board. Not a lot of new information to be shared. Miller talked about partnering with the city and the community on the project, and how new retail space could kickstart the area.

Some other highlights:

• The movie theater would likely by a "niche" theater that wouldn't compete with BayWalk, Archstone officials said, and would include space for a bowling alley, lounge, and possibly other entertainment options.
• Archstone says it believes it can attract a department store to the new project.
• Archstone officials have hardly spoken with the Rays, though the two sides hope to meet shortly. "Hines was rather aligned with the Tampa Bay Rays," said Archstone's Gary Colton. "It would seem presumptiuous to insert ourselves in there."
• As we talked about in today's story, Archstone admitted that their proposal was only one possibility. In fact, they described it as "shooting for the stars." The group seemed committed to the first phase (about 800,000 square feet of retail, 500 apartments) but after that, they said the market would dictate what would happen.

Comments

[get-smart]

He will say, "Yes We have no Bananas!"

[gene]

Like any good pitchman when asked, "What is 1+1?" He will say, "It could be two; or if you put the ones side by side you would have 11; or...in the case of this project...what would you like for it to be?" They are just making up numbers, no one really knows what might work. And, did I see where the city wants to work out details between now and July 1st? Gosh, that gives them a dozen days to get all the answers and to make sure the numbers will work. Lots of luck.

[Ray F]

I have a more accurate idea of what he'll say:

"We are excited to be a part of this project and to work with the City of St Petersburg to create a state of the art, eco-friendly community on the west end of downtown. We thank the City for choosing our design as the vision for their future. We would aslo like to thank the Rays for giving both us and the city an opportunity to bring this to fruition by combining this project with their effort to build a new waterfront stadium."

obviously, not verbatim but I doubt he'll taunt the city's deadline.

That's just my guess. He may address the board in a hair-lipped version of icelandic gibberish as far as i know.

[Thomas]

"He may address the board in a hair-lipped version of icelandic gibberish"

That is awesome.

He sent spokesperson "BJORK" to address the board!

[Chris Jenkins]

"Are you Icelandic, or Retarded?"

-Alex Trebek to Bjork, Celebrity Jeopardy.

[Ray F]

The New Game that's sweeping the nation- "Bobcat or Bjork"

...where you tell us if the line you hear was spoken by Bobcat Golthwait or the Icelandic singer Bjork

-Family Guy... awesome. We're a bunch of sickos!!!

[The Caveman]

I think I'll have the roast duck with mango salsa!

[Ray F]

Tina's here. We're getting back together!

[Rays Mike]

My mother's calling on the cell.. I'll put her on speakerphone..

[Ron]

"The group seemed committed to the first phase (about 800,000 square feet of retail, 500 apartments) but after that, they said the market would dictate what would happen."

Hines was correct in their letter to the City. Archstone is only looking to commit to $15 million for 37 acres.

What a scam. I hope the city forces the final developer (assuming the new stadium gets built, which is iffy) to pay upfront, in full, for the entire site. And, it needs to be enough to pay off the existing debt!!!

[Clear Direction]

Aaron,

In other words, the citizens will be asked to float a bond for the full $70,000,000.00 ( or whatever the final sale price is) to pay for construction of the proposed stadium.

And the market will dictate if the second and third phases are ever developed.

in other words, Archstone would give the city $15,000,000.00 for the first 37 acres and the citizens would give the Ray's $70,000,000.00. The rest of the development may never be built!

The citizens take all the risk and the Ray's benefit!

[Clear Direction]

Aaron,

In other words, the citizens will be asked to float a bond for the full $70,000,000.00 ( or whatever the final sale price is) to pay for construction of the proposed stadium.

And the market will dictate if the second and third phases are ever developed.

in other words, Archstone would give the city $15,000,000.00 for the first 37 acres and the citizens would give the Ray's $70,000,000.00. The rest of the development may never be built!

The citizens take all the risk and the Ray's benefit!

[Rays Mike]

Aaron - Did the Archstone VP say that the market would dictate HOW Phase 2 and 3 would be built, or IF Phase 2 or 3 would ever be built? That needs to be further clarified before the anti's sky-is-falling spin machine goes out of control again...

[Aaron Sharockman]

Clear Direction,
You only need to post once!

Here's the bottom line as I see it. Either Archstone guarantees it will pay off the debt at Tropicana Field (whether all up front or in annual payments isn't all that material) as the Rays say it should, or we get a big no deal and all go back to our day jobs.

As it stands now, Archstone is willing to guarantee paying for the entire Trop site once it gets financing to proceed with Phase 1. In that scenario, if phase 1 happens, the developer will buy all of the land.

However, the city and the Rays have been pretty clear --- that Archstone has to pay off (or come very very close) to paying off the debt at Tropicana Field. That's the point worth watching. And that means the city and the developer have some negotiating to do.

[Aaron Sharockman]

Though now that I think about it, the double posts, mean more comments, which means my bosses are happier.... hmmm, maybe you're onto something!

[atrulyconcernedcitizen]

Rays Mike,

I'm not sure..exactly what is the difference between what "the market dictates" and "if". Don't the both indicate that there is a genuine possibility that "if" the market is weak we won't see the "projected" development.
Again can we say Bay Plaza or Centro Ybor? Of course I don't mean to say it depends on what the meaning of is..is. Been down that road before.
The point is if you Rays Mike were building a house and went to the bank for the money...yes they would "project" your future income stream and then force you to sign your life away for the money including placing a lien on your house. If this is such a SOLID deal why is it unreasonable for we citizens who are banking the deal to get the same respect. Are the Rays willing to put a mortgage on the new sail that says we get all the revenue from the team to replace any shortfall "if" or "what the market dictates" may cause a shortage in cash flow from these "projected" developments and "projected" taxes.
Of course there is no real reason for concern because we already know Michael Kalts' record for excellent prognostication on stadiums. Can you say Yankee stadium...give us another 350 million for the stadium...another 107 million for infrastructure and park replacement. What's a few hundred million among friends?

[Rays Mike]

Thanks for cutting and pasting your one note message. Re-read my question again. The question I asked was that if Archstone made a distinction between IF they would build a phase 2 & 3, or HOW they would develop it. I interpret "market dictates" by the quote in the "Years Could Change...." article: "What may seem like a good fit for office space today may end up working better as an apartment high-rise by 2015 or 2020," but I asked for clarification from Aaron, because I am not all knowing like you appear to be...

[atrulyconcernedcitizen]

Ray's Mike,

Wow didn't mean to insult you, you are one of the more literate posters and I take you at your word..but since you stuck in the little jab about "the anti's sky-is-falling spin machine goes out of control again..." and everyone was having fun with the caveman jokes I thought you wouldn't mind a little humor. Really not an attempt to offend you.
But perhaps you an Aaron can explain to me what "guarantee" means. Aaron has pointed out that the crux of the matter to him is the guarantee and says.."whether all up front or in annual payments isn't all that material" Please forgive some of us for disagreeing with Aaron's observation if disagreement is permissable without suggesting the sky is falling. Guaranteed annual payments are actually WORTHLESS. All corporations form new entities for every new project...presumbably Archstone Madision would form some separate partnership entity just for this specific project. Then of course "if" the market turns south they simply declare bankruptcy. The Tampons are on the hook for a 9 million dollar Federal loan to facilitate Centro Ybor. Just last year they tried to sue Sembler Ybor but of course that subsidiary of Sembler has long since gone out of business. If you purchase a house Rays' Mike the bank will "project" your future cash flows and then make you sign your life away including a mortgage on the house. Since we citizens are being asked to "bank" the Rays new house could we not reasonably expect the Rays to cosign on this half billion of citizen debt. Just in case "market forces" "if" however you wish to characterize it...don't produce enough tax to cover the stadium debt shouldn't we be able to claim at least that amount of revenue from the operation of the team and facility to cover the loss. If this is such a GREAT deal what's the problem. If we had to repossess the team at least that would leave us in the same position as the fine folks who live in Green Bay who own the Packers. Must we all be nuts to simply ask for some protection in what is speculation by pure and simple definition?

[Rays Mike]

No hard feelings, Truly.. I wasn't insulted or offended. I know you are passionate about this debate, and I understand where your concerns about the projects lie...(The "Sky is falling" comment was on another page, though... :-))

[Rays Mike]

My mistake.. The "Sky is falling" IS on this posting... They are all starting to blend together!! :-)

[George]

Looks like the pissed-off guy from Hines was spot-on with his prediction, by saying that Archstone gets to buy half the property for a 1/4 of the price and is only committed to phase 1....then they can tell the city "the market dicates we walk away"...leaving the city holding the bag for the trop payoff AND stuck with the "less valuable" half of the Trop property....genius.

[Rays Mike]

Aaron - Any chance of an edit button? ha ha...

[Paul]

Aaron, that double post thing is something with your software. I had a double post the other day and I only entered it one time.... been seeing quite a few of them lately on here, perhaps its time for someone to call good old tech support.

Ray F. '.. hair-lipped version of icelandic gibberish' ? Man, that is flippin hillarious! Can I borrow that? You're on a roll, what with the Mons Venus, lets grab a burger caption, I'm still laughing.

[Rays Mike]

Good night, posters... Time to head to the Trop!

[atrulyconcernedcitizen]

Mike,

Enjoy the game and the AC!!!
Go Rays!!!

[Thomas]

Carlos Zambrano is fat!

(Trash talk the ChiTowners)

[Don Mott]

I guess I am stupid but can someone explain what a "niche" theater is?

[Goliath Davis]

Well, without jerking around.....A niche theatre is like the one in Tampa where the men made a circle around the undercover officer. A few of them got arrested but it isn't usually the case. That is a niche theatre. I have closed this deal already. It works well with the Pinellas County Jail Midtown Deal.

[Jon McPhee]

Maybe the "niche" will be continuous showings of "The Rocky Horror Picture Show," alternating with "Pee-wee's Big Adventure." Sticky floors, anyone?

[Ray F]

Paul,

You can use all my material because I probably ripped it off of someone else.

hahaha

...Aaron,

I think the double posts are from when the site locks up after typing the security word and we hit refresh on the browser, it resends the info.

I've learned to accept that once I hit 'OK' and the comp locks up, close the browser and get back on in 2 seconds.

[The KOOK antidote]

Has anyone besides me noticed that those who are going to vote NO are awfully demanding about what YES should be. I've never heard of a case where the losers get to shape the terms of surrender. If the "no's" are sure they will prevail at the ballot box, what possible difference does it make what the losing proposition was? It lost.

[get-smart]

Jon McPhee

I've been laughing all day with your "niche theater" remark. I can visualize (now) Kooky, RRRick K & Ray F sitting in the front row singing "Lets do the time warp again!" "Now turn to your left ..." HAha

Now I have to YouTube it.

[Rick K]

I love TRHPS. Through my advocacy, the Time Warp enjoyed a huge popularity in my home town during my youth. Everyone did it. 95% of the people had no idea where it came from.

A couple of the town elders told me at a recent funeral that they actually thought I had made up the whole dance!