Request a permit for an office building which would be

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Question: CalDev Associates, Inc., a property development firm, purchased in 2003 a large old house near a town square in Concord. The old house was built in the late-1960s and the CalDev Associates restored it. For more than a decade, the company has leased the house to the nearby college for academic office space. The house is located on a wide lawn and has become a town landmark. However, in 2014 the lease with the college was expiring, and CalDev Associates decided to build a hotel that would use all of the open space. The community was outraged and complained to the city council. One of the city's supervisors spoke with a representative from CalDev and hinted that if the company requested a permit, there was a fairly high chance that it would be rejected. The top management at CalDev Associates had a series of meetings to review their alternatives. Eventually, they came up with three options: sell the property, request a permit to build a five-star hotel; or request a permit for an office building which would be, according to the city's supervisor, more appropriate for the city. The management estimated that they could sell the property for $1.4 million.

Reference no: EM133422141

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