A Chicago private-equity investor was the only bidder in the latest attempt to sell XL Center

[huskymedic]

Hartford Business Journal: Lone bidder for XL Center
>>Oak Street Real Estate Capital submitted the sole proposal to a request for proposal (RFP) issued in late April by the Capital Region Development Authority (CRDA), CEO Michael Freimuth said Friday.<<

Courant:CRDA Receives One Bid For Purchase Of Hartford's Aging XL Center
>>Oak Street Real Estate Capital, a Chicago private equity firm, stepped forward with an unsolicited proposal in April. The Capital Region Development Authority issued a request for additional bids later that month, but no one else expressed interest, Michael Freimuth, the group’s executive director, said.

The deadline to hand in proposals was Friday at 3 p.m.<<


Background BY thread:Unsolicited bid: XL Center

 

[whaler11]

Hartford Business Journal: Lone bidder for XL Center
>>Oak Street Real Estate Capital submitted the sole proposal to a request for proposal (RFP) issued in late April by the Capital Region Development Authority (CRDA), CEO Michael Freimuth said Friday.<<

Courant:CRDA Receives One Bid For Purchase Of Hartford's Aging XL Center
>>Oak Street Real Estate Capital, a Chicago private equity firm, stepped forward with an unsolicited proposal in April. The Capital Region Development Authority issued a request for additional bids later that month, but no one else expressed interest, Michael Freimuth, the group’s executive director, said.

The deadline to hand in proposals was Friday at 3 p.m.<<


Background BY thread:Unsolicited bid: XL Center

I’d bury that on a Friday afternoon too.

The offer is (much) worse than the current state.

Barring a miracle that eliminates/limits the state’s pension liabilities the XL Center is a dead man walking.

 

[mdkhusky]

I’d bury that on a Friday afternoon too.

The offer is (much) worse than the current state.

Barring a miracle that eliminates/limits the state’s pension liabilities the XL Center is a dead man walking.

Certainly not worse

 

[CL82]

I’d bury that on a Friday afternoon too.

The offer is (much) worse than the current state.

Barring a miracle that eliminates/limits the state’s pension liabilities the XL Center is a dead man walking.

As it should be, the market has spoken. The focus not should be how squeeze what value it has out of it before it is demolished.

FWIW, I love seeing hockey games there and have a lot of memories of great basketball and hockey, but it's time.

 

[Adios]

They just put in new pipes to freeze the ice.

 

[Guapo]

They just put in new pipes to freeze the ice.

But the ice is already frozen.

 

[whaler11]

They just put in new pipes to freeze the ice.

Maybe they can sell them for scrap.

 

[Adios]

Maybe they can sell them for scrap.

And new Hartford teams can use colors other than green and blue.

The HCC is kinda cool. It is reminiscent of the 1970s. If the HCC gets torn down, Bridgeport will have an AHL team for the foreseeable future. And maybe more UConn games in Bridgeport. I am down with that plan.

 

[Adios]

But the ice is already frozen.

I understand. They were put in for better ice.

 

[Guapo]

I understand. They were put in for better ice.

 

[the Q]

If it’s demolished and turned into apartments, that should, in theory, help restaurants. No?

 

[freescooter]

Awful deal. The idea that somebody would buy the XL and run it as a venue is pretty out there. There are virtually no private centers in small cities. Even some larger ones are publicly owned. If you want one it needs to be viewed as an amenity that is publicly owned. That’s how it was seen when it was built and nothing has changed except the world view.

 

[Jaker]

ice is cold, maybe now it is colder??

 

[whaler11]

Certainly not worse

Way way way way way way way worse.

 

[Ha Who]

If it’s demolished and turned into apartments, that should, in theory, help restaurants. No?

Let’s not go down this road again

 

[the Q]

Let’s not go down this road again

Ok, I don't wanna start any problems.

I don't recall any of those convos. I've still only been on this board for like 15 months.

I retract my comment.

 

[Hoophound]

Ok, I don't wanna start any problems.

I don't recall any of those convos. I've still only been on this board for like 15 months.

I retract my comment.

Lol. Have a spine. No need to apologize, they’ll eat you alive around here.

 

[Ha Who]

Lol. Have a spine. No need to apologize, they’ll eat you alive around here.

If they accept my sarcasm, everyone is cool

 

[the Q]

Lol. Have a spine. No need to apologize, they’ll eat you alive around here.

I stand by my point. But if it’s been beaten to death in a previous thread it’s just a waste of time.

 

[Ha Who]

I stand by my point. But if it’s been beaten to death in a previous thread it’s just a waste of time.

It wasn’t beaten to death. There was a long discussion about apartments in Hartford.

 

[HuskyHawk]

As it should be, the market has spoken. The focus not should be how squeeze what value it has out of it before it is demolished.

FWIW, I love seeing hockey games there and have a lot of memories of great basketball and hockey, but it's time.

As a non resident, so what is the likely outcome here? No XL and no replacement for it? That's a disaster for the city. Hell, even Worcester manages to have an arena.

 

[Hoophound]

I’ll be really surprised if they tear it down. That would be insane. Once you do that, with no plans to rebuild, you literally take what was once a major city, then a mid major city due to terrible management and declare, “we are now Scranton.”

Rebranding and refacing a once great city is a lot easier than starting over from scratch.

 

[Ha Who]

As a non resident, so what is the likely outcome here? No XL and no replacement for it? That's a disaster for the city. Hell, even Worcester manages to have an arena.

Not that I disagree with you, but the will is not there. It’s a darn shame. The current arena is way too large for AHL hockey, a non-P5 basketball team and even a Hockey East team. I remember the days of 24 hour Reins Deli and packed bars/restaurants, Stones concert, etc. Makes me want to cry

 

[CL82]

As a non resident, so what is the likely outcome here? No XL and no replacement for it? That's a disaster for the city. Hell, even Worcester manages to have an arena.

The problem is that the XL has reached the end of it's useful life. It's "innovative" design of incorporating a mall is now a dated albatross. The place, though I do enjoy still enjoy seeing games there, is really tired and in need of a lot of investment that a realistic projected revenue stream cannot cover. I don't see a way to save it, though there are some posters who have a better background to be able to evaluate it.

Once you do that, with no plans to rebuild, you literally take what was once a major city, then a mid major city due to terrible managment and literally declare, “we are now Scranton.”

Lol, on behalf of the city of Scranton... ouch. I get up there from time to time and as bad as Hartford is, it isn't Scranton. You can see though Scranton used to be a nice little city. Hopefully it can get it's legs back underneath it. It is improving.

 

[freescooter]

Let’s not go down this road again

Yeah...in like 30 years.