Yesterday, we revealed the real reason there’s not a RIte Aid in the old Azalea location. Because Greg Fischer couldn’t help himself when it came to spreading absolute misinformation given to him by his crooked zoning pal:
We hear through the grapevine that the real reason the deal fell apart is because Rite Aid was trading as a penny stock at the time. Once a deal was put together with the Bauer family allegedly financing the construction of the Rite Aid building and then offering a lease, Rite Aid backed out. Because – get this – it was trading as a penny stock and couldn’t hold up its end of the deal.
You can’t negotiate with a penny stock company expecting it to be able to perform like woah.
We have since received a dozen or more nasty little notes from Fischer pals regarding the value of that stock.
Since they’re strangers to reality, here you go:
So… about that.
It’s why Louisville can’t have nice things.
9 responses so far ↓
1 Richard S. // Aug 14, 2012 at 10:36 am
I don’t know anything about the machinations behind this, but the last thing I think we need in this town is another Rite Aid (or Walgreens or CVS). Hey, maybe we can put a Dollar General there.
2 Debbbie Linnig Michals // Aug 14, 2012 at 11:14 am
I am so tired of seeing the same ole song and dance rountine from the Abramson and now Fischer administration. We are better than this bargain basement kind of politics in our community.
3 lateshiftatthezoo // Aug 14, 2012 at 12:50 pm
if it keeps up we won’t have to worry about historic buildings in this city. it will look like Detroit. where everything is decayed and abandoned.
4 Gary Guss // Aug 14, 2012 at 12:55 pm
Check into Cash or Storefront Church would be nice
5 Skipper // Aug 14, 2012 at 9:33 pm
After the Landmarks designation of Bauer’s took place there were numerous community meetings that took place with multiple stake holders about how to accommodate both the Bauer’s historic building as well as a full size Rite Aid on the same site. Ultimately an agreement was reached to allow for the long term preservation of the historic building and to allow Rite Aid to build one of the largest retail pharmacies they build (in excess of 14,0000 s.f). After that agreement was reach both the landmarks and BOZA the agreed upon plans completely clearing the way for development. I also believe that Rite Aid representatives were directly involved in each stage of the negotiations and approved the final site development details. After all land use approvals were secured, Rite Aid pulled out of the deal. I assume that’s because Rite Aid ultimately could not secure the financing necessary for additional expansion because they were trading basically as a penny stock. I believe when it came time to put up or shut up, Rite Aid pulled out leaving the Bauer family without a future tenant.
The landmark designation did not prevent the site’s development and its inaccurate to lay the blame on the Landmark process.
6 Skipper // Aug 14, 2012 at 9:34 pm
Uh em (14,000 s.f.)
7 Skipper // Aug 14, 2012 at 9:36 pm
Uh em Uh em also meant to say that “both the Landmark Commission and BOZA approved the agreed upon plans.”
8 chief // Aug 15, 2012 at 9:57 am
If the Bauer’s want to demo the Frickin building and building something new, It’s their property!…They are restricted from finding a reasonable willing tenant if their tenant is forced to have to use that building!….They should have the ultimate final say to accept or decline the historic status!….STOP the MAdness!
9 Skipper // Aug 15, 2012 at 12:12 pm
Chief,
That argument’s ship sailed a long time ago.
http://caselaw.lp.findlaw.com/scripts/getcase.pl?navby=case&court=us&vol=438&invol=104
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