LANSING (WXYZ) - The Michigan Senate drastically overpaid for new office space purchased from a poltically-connected developer, according to Lansing's assessor of record.
William Fowler told Channel 7's Ross Jones that the $41 million purchase price isn't supported by the current real estate market in downtown Lansing.
"Based on everything you know, is this building anywhere near worth $41 million?" asked Channel 7's Ross Jones.
"Not in today’s market," Fowler said, calling the sales price "three times greater than anything that has sold downtown of comparable use."
Fowler says that his office currently has Capitol View assessed at about $12 million, a figure he says is closer to what it’s actually worth.
Were it to be built brand new today, his office estimates it would cost just under $22 million.
Were it to be built brand new today, his office estimates it would cost just under $22 million.
Fowler says his office won’t (use) Capitol View’s sale price as a benchmark for assessing other properties downtown.
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