RCSC Buying Buildings

I wrote to BOD and the GM some 11 years ago about buying the former Lakes Club and making it a fine dining restaurant with the lake views.
That is what it was originally, courtesy of Del Webb. It was a membership dining club in the early days of SC. I still thought the idea of having a nice place to dine with your loved one would have been nice.
I do think they missed an opportuity for sure.

 

I believe that it would be possible to rent out space since both George's cafes at Bell and Lakeview are leased. I think your idea is commendable. Not sure if SCHOA, POSSE, CAN, etc own or rent their current buildings. In my hometown, a nonprofit organization was formed to do just what you are recommending with a hospital that was going to be vacated. It has worked well for a decade or more. It serves as the Senior Citizens area, United Way, an adult literacy program, and a counseling center. Not without struggles since maintenance still needs to be done but it is doable. If there's a will there's a way! The nonprofit has had some fundraising efforts to achieve it, something the Sun City Foundation could help with.

 

Yea right!?

 

Wow HH, your research has the depth of a toddler’s wading pool. Can you explain the language of the warranty deed, I think not.

 

Fellow members we have all had the opportunity to buy something that was too good to pass up. The inertia is incredible. We all play the what if we don't game. Mine was an old boat at a garage sale. It was like an anchor around my neck for a good 15 years until I practically gave it away. We can all imagine the "possibilities". Just like Clark Griswold driving his family to Wally World we are getting intoxicated with dreams of utopia. A property that sits on a lake is one thing but a special purpose medical property that is old, dilapidated, in a questionable location and not zoned appropriately? I mean no offense to our volunteer board and paid management, but they have absolutely zero relevant experience. The seller on the other hand is a Wall Street titan. If it looks as if the Board is going to seriously pursue this, I suggest a member derivative lawsuit is the only way to restore sanity.

 

“An article in the Independent yesterday mentioned that there were burst water pipes in the interior of the building.

Ok thanks for the correction. I only briefly skimmed it.” Emily Litella

Credible details regarding water source of water damage.
(Recent excerpts referenced on social media)
Burst water pipes not mentioned:
RCSC invites resident input on opportunity
Board offered 4.6 acre building for purchase
Posted Thursday, April 25, 2024
By Scott Tynes | Independent Newsmedia
“Richtmyre has toured the facility with the management staff to gauge its feasibility and their interest. She said it was not “move-in ready” without some work as there is some water and other damage from being unused for a time…”
https://www.yourvalley.net/stories/rcsc-invites-resident-input-on-opportunity,506716?cb=1714094115

Water damage, condensate line leak at property in 2020:
Treatment center draws ire of Sun City residents
Location in community draws concerns (About Emerald Isle- 10702 W. Peoria Ave)
By Rusty Bradshaw September 22, 2020
Sun City Independent
(EXCERPT Further down in the article about Thunderbird & 111th property.)

“It seems that there was an AC condensate line that leaked inside the building and wasn’t caught right away so there was 1-2 inches of water on the floor throughout the building,” he stated in an Aug. 17 email. “Of course the water was wicking up into the drywall.”

Workers were drying it out with more than 300 fans, and cutting and replacing the drywall about 24 inches up on the walls throughout, Mr. Fox explained.
https://www.yourvalley.net/stories/treatment-center-draws-ire-of-sun-city-residents,189134

 

The article says Connie Jo Richtmyre, board member, toured the facility to "gauge its feasibility, but does not say what her qualifications are to do so. Said in Independent yesterday it was not move in ready with water and other damage from being unused.

 

Was Connie Jo a board member in 2020? She toured and I thought she was just elected in 2023?

 

I believe you were correct with your statement Emily. The article in yesterday's independent did not mention 300 fans, 2 inches of water, etc. Only said water damage. No clue what EO is referencing.

 

Healthcare Trust Inc is hardly a “Wall Street Titan”, in fact they are a loss making REIT that has lost $179 million in the last two years and hasn’t been able to provide a distribution to shareholders required as a REIT since 2000. When we talk about the RCSC acquiring this property we’re talking about a seller non profit donation to the RCSC with multi year $ support from the seller as a starting point of negotiations. Certainly free with additional $ from the seller must be appealing as it will allow the RCSC to determine the usage of the property in perpetuity. Think Detroit 30 years ago when you inherited your family home and had to pay $10,000 to the drug lords to take it off your hands so you didn’t have to pay the taxes…..

 

Who is Healthcare Trust Inc? Maricopa County Parcel Search results:

200-58-751C

Owner Information

Owner Name: ARHC RHSUNAZ01 LLC
In Care Of: RYAN PTS DEPT 123
Property Address: 13818 N THUNDERBIRD BLVD SUN CITY 85351
Mailing Address: PO BOX 460169 HOUSTON TX USA 77056
Deed Number: 20130886651
Sale Date: 09/01/2013
Sale Price: $20000000
Property Information

Lat/Long: 33.609084 , -112.298498
S/T/R: 18 3N 1E
Jurisdiction: NO CITY/TOWN
PUC: 1910
Lot Size (sq ft): 202,296
MCR #: 128-16
Subdivision: SUN CITY UNIT 15C
Lot #:
Tract/Block: /
Floor: 1
Construction Year: 1985
Living Space (sq ft):
Valuation Information

Tax Year: 2025 2024
FCV: $ 10,973,893 $ 11,657,858
LPV: $ 7,064,125 $ 6,727,738
Legal Class: 4.2 4.2

 

Changing your font from black bold to red bolder and bigger does not change the fact that the article in yesterdays Independent made no reference to 2020. In social media language it signifies yelling and/or frustration. It's not that big of a deal. The article I am referring to is on pages 1, 6 and 10. Did I miss a different one in that same paper?

 

Nice edit of your original post, however the post may have changed but the intent did not. Digression destination. Stating current facts would go a long way in regaining member trust in the RCSC BOD. Although making us aware of the leak in 2020 is a good thing especially since the building has just been sitting there with no maintenance being done that we are aware of since.

 

What's on the cheap? in 2013 it sold for 20 million according to Maricopa County search posted above. Do we know what the minimum acceptable bid was at auction that was not met?

 

The current owner of the property. REIT’s set up shell LLC’s to hold individual properties and ARHC RHSUNAZ01 LLC is the shell company.

 

Eileen, General info that was in the Sun City Indepedent article, print edition, most everyone gets it delivered free weekly. Some read it, hope most do for credible local information

“The board was offered a chance to purchase the former Acuity Specialty Hospital at the intersection of Thunderbird Boulevard and North 111th Avenue April 21. The offer was not made with a set price being discussed. The facility had been to auction starting at $1.6 million, but the highest bid of $2.95 million did not meet the price required for its sale, prompting the seller’s agent to contact RCSC.”

Source: Sun City Independent
RCSC invites resident input on opportunity
Board offered 4.6 acre building for purchase
Posted Thursday, April 25, 2024
By Scott Tynes | Independent Newsmedia

 

I did read that, thanks. However my question was do we know what the minimum acceptable bid would have been? Just as you have to read the paper you also have to read posts in their entirety or you may misinterpret.

Posted by Eileen:
"I personally think that all of the commercial property companies are not doing great with current economy state in the U.S...just look at all the empty buildings everyplace.
I personally think we should still consider buying the building if we can get a general contractor expert to look over essential things to be renovated.
We should low ball a price, and see what they go for.

Or, maybe do a tear down and rebuild, if we can get everything on the cheap!"

My question:
"What's on the cheap? in 2013 it sold for 20 million according to Maricopa County search posted above. Do we know what the minimum acceptable bid was at auction that was not met?"

Josie Petersen

 

There are a boat load of subsidiaries!

 

Closing costs will will also have to be added to the cost of this property.

 

HH, so what if there are a bunch of subsidiaries, the subsidiaries are owned by the parent corporation (the LLC) which is the entity with whom you make the deal. So what’s your point? Get yourself a pocket Black’s Law Dictionary and learn something.