The land the dated Corporate 1 building on Palm Coast Parkway is on, is worth more without the structure.
Corporate 1 Plaza, the original home of the ITT headquarters in Palm Coast and the Flagler Institute of Technology, sits vacant on 7.4 acres of land between the East and West bound lanes of Palm Coast Parkway.
“The land value will increase more without the building.” Andy Dance school board member
At the school board meeting on Tuesday, Dec. 1, the board voted 3-1, Janet McDonald voted against, and Sue Dickinson absent, to put out bids for the demolition of the property.
The options for the building presented at the Nov. 5, 2014 meeting were to put the property up for sale as is for six months, maintain the vacant property at a cost of approximately $70,000 a year, or bulldoze the building and hold onto the property until the real estate market improves. At that time the board approved the recommendation and the property was placed on the market.
No interest was shown in the property while it was on the market.
The staff requested a 30-day Request For Proposal for the demolishment of Corporate 1; a time-frame during the holidays that concerned school board chairwoman Colleen Conklin. The board agreed to amend the proposal to extend the bid process to 45-days.
There were suggestions from the public to reconsider refurbishing the building, instead of demolishing. Something school board member Andy Dance was not in favor of.
“I was a tenant in that building and the problems are laughable and the value is over rated,” he said.
Dance cited issues with the elevator, smells, roof leakage and bad design.
“The land value will increase more without the building,” he said.