Ferry Building Fray: $1.8 Mill in Dispute

Sure, the revamped Ferry Building looks nice -- nice enough to jack up rents handily, natch -- but not nice enough for the price. That's what the investors who renovated the building to the tune of $100 million, and have a 66-year lease on the property, are claiming in their suit against the city for back property taxes. Back in 2002, the investors claimed the building and their investment was worth $61 million; four years later, the city assessor claimed the place was worth $86 million. And when the investors appealed, the board bumped that up by a cool $3.2 mill. The crux of the case appears to lie in this last, ill-wrought decision: the appeals board jacked the price, but didn't provide any reason why. A little poetic port justice for all those Ferry Building tenants with recently upped rents?
· It's worth how much? [City Insider]

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