After first proposing to buy the 306 acres of the Dorthea Dix property for $40 million, the City of Raleigh has "revised" its offer and has now come up with a $10.5 million offer for the property.
Some might call this a low ball offer. Others would call it highway robbery or grand theft.
If I was the Governor’s office, I’d be insulted.
That works out to a little over $34,000 an acre. Doing a quick search of comparable property available Inside the Beltline, the price varies anywhere from $200,000 for 0.1 acres to $275,000 for 0.51 acres, depending on location.
Say we take the high figure, and go with a rough estimate of $500,000 per acre, that would give the market price of the land for Dix somewhere in the $150 million range.
If the state wants money for the mental health system, they should sell Dix to the highest bidder and not take the insulting offer proposed by the City.
It’s a great conundrum for the liberals… mental health funding or open space… which is more important?