In the meantime, the excess space could be held for future build out, or leased until needed, thus defraying some of the cost of acquisition and development. We would not recommend a sale of the additional space, as this may permanently negate the expansion option. A sale may also cause the town to relinquish control as to what kind of occupancy could locate there. A significant advantage of this option, compared to all other options, is the fact that this property is the only one capable of facilitating office use that is actually available for sale. This could eliminate a long, costly and drawn out condemnation process.
More information is needed to accurately estimate the cost to finish out the building.
Furthermore, this all assumes that the structural integrity of the shell, and the environmental and development capacity of the site can be guaranteed. It is our understanding that a study has been prepared by Bernard Grossfield, Consulting Engineers, which concludes that the existing condition of the building shell would not preclude the safe occupancy of the building for office use. There has been some discussion concerning the adequacy of the site relating to wet land concerns. This concern must be addressed and investigated fully by qualified experts. In addition, as a condition to receiving a Certificate of Occupancy, there may also be other cost associated to a road widening and realignment.