Seems like a great project for Garcia.
All I heard from Oldenburg was a very stale "It is unlikely the Neighborhood or myself support, or see the highest and best use of this property as a Car Wash."
That's all good and great, but what are you going to do about it?
That's all good and great, but what are you going to do about it?
It a tax play. Purchasing a car wash and /or gas station allows you to write off 100% of capital gains incurred from the sale of real estate. For example, I sell an apartment building for $10,000,000. $6,000,000 of sale proceeds are profit. If I reinvest the total sale proceeds into a car wash or gas station I would not pay taxes on the $6,000,000. Furthermore, I could sell in year two or anytime after and only be subject to taxes on the profit from the sale of the car wash / gas station. The profit being anything more than the cost basis IE 10 million. For the record, I agree. Car washes and QTs suck. I also live in the general area and hope this is not built.Ebsy wrote: ↑Sep 18, 2022I cross Chippewa there almost every day. I can't even imagine how much worse it will make the whole area having an even more autocentric development. I just don't even get how it economically makes sense to tear down such a large building to build a car wash.
This building's neglect is starting to show. Appears totally vacant, weed growth on the parking lot and sidewalks.....unfortunate.