Church of Scientology buys Miami office for $7M from U.S. Century Bank

[Wants2Talk]

Church of Scientology buys Miami office for $7M from U.S. Century Bank
http://www.bizjournals.com/southflor...uys-miami.html

The Church of Scientology of Florida now owns an office building in Miami thanks to U.S. Century Bank .

The nonprofit group, which is based in Hollywood and affiliated with the national religious movement founded by L. Ron Hubbard, acquired the former Renzi building at 2220 S. Dixie Highway from the Doral-based bank for $7 million. The amount is more than the $5.9 million mortgage the bank used to foreclose on the property in 2011 – taking it away from developer Renzo Renzi.

The 113,035-square-foot office was built in 2000.

Property records show the Chuch of Scientology already owns an office building in Coral Gables.

[Panda Termint]

Just another chapter in the Golden Age of Real Estate, then.

[Disinfected]

Yup. Giving up a wonderful location that they own free and clear and in the middle of an upscale dining and shopping district with tons of foot traffic for blocks around for an office building on a major highway abutting a residential area with absolutely zero shops, dining, or foot traffic. Yup. Carry on.

[RogerB]

Yup. Giving up a wonderful location that they own free and clear and in the middle of an upscale dining and shopping district with tons of foot traffic for blocks around for an office building on a major highway abutting a residential area with absolutely zero shops, dining, or foot traffic. Yup. Carry on.

Good thinkin there . . . . yours Dis, not theirs

You have definitely blown the whistle on a dumb move . . . unless of course their think is they'll be more secure from protests out there . . . but wait: that's dumb think too



R

[Good twin]

Yup. Giving up a wonderful location that they own free and clear and in the middle of an upscale dining and shopping district with tons of foot traffic for blocks around for an office building on a major highway abutting a residential area with absolutely zero shops, dining, or foot traffic. Yup. Carry on.

And it's not like the place is bursting at the seams. How many empty auditing romms are upstairs these days?

[Dulloldfart]

Don't knock it! It's all speeding up the demise of the CofS. Wonderful stuff.

Paul

[Dulloldfart]

Yup. Giving up a wonderful location that they own free and clear and in the middle of an upscale dining and shopping district with tons of foot traffic for blocks around for an office building on a major highway abutting a residential area with absolutely zero shops, dining, or foot traffic. Yup. Carry on.

Well, it will keep out all those pesky people who track in dust and tarnish the appearance of the immaculate furnishings and fittings.

Paul

[lkwdblds]

Well, it will keep out all those pesky people who track in dust and tarnish the appearance of the immaculate furnishings and fittings.

Paul

The way this purchase is described, it seems as if the building is being bought by C of S using their own corporate funds. Is this correct?

Most of the purchases we read about are Ideal Org buildings where the membership of the local Org holds funding drives to come up with the funds to purchase and then C of S takes title to the property.

If they are using their own corporate funds, the next question would be whether or not there is going to be a design and furnishing phase where another $5 million or so needs to be rounded up. Who is going to fund that phase? Usually they buy much older buildings but this one was built in 2000 so maybe it won't need as much renovating.
Lakey

[Dulloldfart]

It's the same building they were hoping to buy back in 2009. See thread http://www.forum.exscn.net/showthrea...l-Org-building

I haven't researched anything about the $.

Paul

[Idle Morgue]

That is good news. Over paying for real estate for empty buildings will only speed up the collapse.