Mr. Yancy, can you tell us about all the interest in Macy's Building by businesses

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happyinBCS
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9:57a, 4/16/26
Back on LoopNet as of yesterday for sale or lease

did we ever determine cost of ownership per month to the taxpayers

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happyinBCS
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9:58a, 4/16/26
maybe Mr Yancy has an update for us
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Bob Yancy
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In reply to happyinBCS • 10:37a, 4/16/26
happyinBCS said:
maybe Mr Yancy has an update for us


We had two viable offers, one would've been an eye popper that folks would've been over the moon for. It didn't materialize. A second parallel opportunity was good, but just not the right fit.

I'm working on one that I think would be met with some approval. It's not really my idea, but a longstanding desire among prior councils, albeit with an important secondary appeal. I'm hopeful for that.

I'd like to say more, and it's not in my nature to not be more transparent. It's just the particulars of being in this situation coupled with a real desire to stick the landing, so to speak, for you- the bosses.

There's no magic bullet on Macys. Not yet, anyway.

Apologetically there's not more, and respectfully yours

Yancy '95 Place 5
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happyinBCS
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In reply to Bob Yancy • 10:51a, 4/16/26
Thank you sir

Selling commercial property is usually pretty straightforward and I don't understand why the City seems to be trying to pick something that is good for past council members or a secondary appeal etc of your comments.

Since it is back on LoopNet, I assume it is wide open again, but the buyer seems to have to go through a lot of hoops to satisfy many folks with different ideas. This is why I have said many times the city should never buy real estate for speculation there is plenty of private money to do that.

thanks again for your time
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Bob Yancy
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In reply to happyinBCS • 11:00a, 4/16/26
happyinBCS said:
Thank you sir

Selling commercial property is usually pretty straightforward and I don't understand why the City seems to be trying to pick something that is good for past council members or a secondary appeal etc of your comments.

Since it is back on LoopNet, I assume it is wide open again, but the buyer seems to have to go through a lot of hoops to satisfy many folks with different ideas. This is why I have said many times the city should never buy real estate for speculation there is plenty of private money to do that.

thanks again for your time


Totally fair. It's because- as one member of council- I don't want to sell it or lease it at a loss. I consider it a challenge before the whole human race, and I ain't gonna lose. ;-)

Just kiddin. Kinda.

I give you my word, it's not for lack of trying or caring- nor is it without an eye toward the ongoing cost and the opportunity cost of it having no utility. Everyone cares and wants it to work out, and everyone is working hard towards that goal.

Respectfully

Yancy '95 Place 5
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Captn_Ag05
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1:48p, 4/16/26
AG
Could we get an update on the Northgate parking lot property while you are here?
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Bob Yancy
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In reply to Captn_Ag05 • 1:53p, 4/16/26
Captn_Ag05 said:
Could we get an update on the Northgate parking lot property while you are here?


Staff has some good ideas about a festival type site, portable stage, etc. for select events to see how/if it would work. Nothing formally planned.

Respectfully

Yancy '95
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Captn_Ag05
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In reply to Bob Yancy • 1:57p, 4/16/26
AG
Interesting (I will leave it at that). Appreciate the response, as always.
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Rex Racer
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In reply to Bob Yancy • 9:40a, 4/17/26
AG
Bob Yancy said:
happyinBCS said:
Thank you sir

Selling commercial property is usually pretty straightforward and I don't understand why the City seems to be trying to pick something that is good for past council members or a secondary appeal etc of your comments.

Since it is back on LoopNet, I assume it is wide open again, but the buyer seems to have to go through a lot of hoops to satisfy many folks with different ideas. This is why I have said many times the city should never buy real estate for speculation there is plenty of private money to do that.

thanks again for your time

<snipped>
I don't want to sell it or lease it at a loss.
<snipped>

I get that, and it's a noble goal. But doesn't there come a point when the City just has to accept it and cut their losses?

I'm not a citizen of College Station, so I have no skin in the game, but just wondering...
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Bob Yancy
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In reply to Rex Racer • 9:52a, 4/17/26
Rex Racer said:
Bob Yancy said:
happyinBCS said:
Thank you sir

Selling commercial property is usually pretty straightforward and I don't understand why the City seems to be trying to pick something that is good for past council members or a secondary appeal etc of your comments.

Since it is back on LoopNet, I assume it is wide open again, but the buyer seems to have to go through a lot of hoops to satisfy many folks with different ideas. This is why I have said many times the city should never buy real estate for speculation there is plenty of private money to do that.

thanks again for your time

<snipped>
I don't want to sell it or lease it at a loss.
<snipped>

I get that, and it's a noble goal. But doesn't there come a point when the City just has to accept it and cut their losses?

I'm not a citizen of College Station, so I have no skin in the game, but just wondering...


I suppose the transparent answer to that question, is yes. But as one member of council, I'm not there yet.

Respectfully

Yancy '95 Place 5
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Rex Racer
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In reply to Bob Yancy • 9:58a, 4/17/26
AG
Bob Yancy said:
Rex Racer said:
Bob Yancy said:
happyinBCS said:
Thank you sir

Selling commercial property is usually pretty straightforward and I don't understand why the City seems to be trying to pick something that is good for past council members or a secondary appeal etc of your comments.

Since it is back on LoopNet, I assume it is wide open again, but the buyer seems to have to go through a lot of hoops to satisfy many folks with different ideas. This is why I have said many times the city should never buy real estate for speculation there is plenty of private money to do that.

thanks again for your time

<snipped>
I don't want to sell it or lease it at a loss.
<snipped>

I get that, and it's a noble goal. But doesn't there come a point when the City just has to accept it and cut their losses?

I'm not a citizen of College Station, so I have no skin in the game, but just wondering...


I suppose the transparent answer to that question, is yes. But as one member of council, I'm not there yet.

Respectfully

Yancy '95 Place 5

That's fair.
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EliteElectric
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In reply to Rex Racer • 10:13a, 4/17/26
Rex Racer said:
Bob Yancy said:
happyinBCS said:
Thank you sir

Selling commercial property is usually pretty straightforward and I don't understand why the City seems to be trying to pick something that is good for past council members or a secondary appeal etc of your comments.

Since it is back on LoopNet, I assume it is wide open again, but the buyer seems to have to go through a lot of hoops to satisfy many folks with different ideas. This is why I have said many times the city should never buy real estate for speculation there is plenty of private money to do that.

thanks again for your time

<snipped>
I don't want to sell it or lease it at a loss.
<snipped>

I get that, and it's a noble goal. But doesn't there come a point when the City just has to accept it and cut their losses?

I'm not a citizen of College Station, so I have no skin in the game, but just wondering...

and I might add, issue a formal apology to Jim Lewis. He deserves it.
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SAC4311
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In reply to Bob Yancy • 11:41a, 4/17/26
How can you justify that position though? The city bought this property for more than double what it sold for just months before the City Purchased it. The property is in obvious disrepair and even if it was in good condition there is no way it is worth what College Station paid for it.

How could the City possibly not be taking a loss on this deal??
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Bob Yancy
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In reply to SAC4311 • 11:56a, 4/17/26
SAC4311 said:
How can you justify that position though? The city bought this property for more than double what it sold for just months before the City Purchased it. The property is in obvious disrepair and even if it was in good condition there is no way it is worth what College Station paid for it.

How could the City possibly not be taking a loss on this deal??


All land and improvements have intrinsic value. This is 8 acres of the most visible land situated at the gateway to College Station, Texas. We've already had interest that would've offset the city's investment over time. They just didn't consummate. And those were pure private sector initiatives. There is also P3 potential and third party participation that could render that property transformative for the public good.

Some of you guys seem eager for our city to take a loss on it. That may well occur and if it does I'll be bitterly disappointed and if you're a resident of college station, you should be too. I didn't agree with the decision to buy it. I wasn't even on council, but there's opportunity and value there I'm not willing to write it off so a few in the community rooting for us to lose have a talking point.

My job is to make it work for the taxpayer and as one member of council that's exactly what I'm going to do until circumstances logically dictate otherwise.

Respectfully, transparently, and with resolve

Yancy '95 Place 5
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EliteElectric
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12:09p, 4/17/26
Mr. Yancy-
With all due respect "hoping we lose" and cutting losses are not the same thing.

These are the facts as I know them-

Fact #1 We spent way too much on that property
Fact #2 We have maintenance and POA costs annually
Fact #3 This property was removed from tax rolls annially

So as I see it-

3m too much in capital expenditure+
(x for POA and upkeep x annually) +
(tax roll loss x annually) +
(depreciation and degradation of the structure)
= we will never break even or make money.

That's why many taxpayers are saying sell it and get out of the real estate business. Not "hoping we lose" that was done on closing day a few years ago.
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MsDoubleD81
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In reply to Bob Yancy • 12:15p, 4/17/26
AG
Melissa McIlhaney spoke up against it in August 2022. Right before your election.
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Captn_Ag05
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12:19p, 4/17/26
AG
Every month it sits there unused, maintained by the city, and off the tax rolls an already terrible deal for the taxpayers gets worse.
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Bob Yancy
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In reply to MsDoubleD81 • 12:39p, 4/17/26
MsDoubleD81 said:
Melissa McIlhaney spoke up against it in August 2022. Right before your election.


She did indeed. And she was the only person not involved in a potential transaction on it that spoke up, too. Made a well-reasoned argument on principal, to her notable credit.

Respectfully

Yancy '95 Place 5
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tu ag
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In reply to EliteElectric • 12:42p, 4/17/26
AG
Bullseye
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happyinBCS
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12:51p, 4/17/26
Been watching the Varsity grill property
private money built it and stayed in business for 6 months been on the market ever since, 4.4 million is the asking price at the moment all the while paying property tax to COCS and utilities etc.

Sad it failed but this is how it works and another example of why CS should never speculate in real estate again
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George Costanza
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In reply to Bob Yancy • 12:55p, 4/17/26
"Some of you guys seem eager for our city to take a loss on it."

Those guys would argue that it's an eyesore, the vacancy makes adjacent property look worse, the city has holding costs, and it's off the tax rolls. Cut the losses and get out of the real estate speculation business?
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maroon barchetta
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In reply to happyinBCS • 1:01p, 4/17/26
happyinBCS said:
Been watching the Varsity grill property
private money built it and stayed in business for 6 months been on the market ever since, 4.4 million is the asking price at the moment all the while paying property tax to COCS and utilities etc.

Sad it failed but this is how it works and another example of why CS should never speculate in real estate again


Great. Your post just put it on the city's radar.
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doubledog
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In reply to maroon barchetta • 1:27p, 4/17/26
maroon barchetta said:
happyinBCS said:
Been watching the Varsity grill property
private money built it and stayed in business for 6 months been on the market ever since, 4.4 million is the asking price at the moment all the while paying property tax to COCS and utilities etc.

Sad it failed but this is how it works and another example of why CS should never speculate in real estate again


Great. Your post just put it on the city's radar.

Looks like a good location for some new age church. ; ) That is why the CoCS is in the real estate business. Right?
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Koko Chingo
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In reply to George Costanza • 8:13p, 4/17/26
AG
George Costanza said:
"Some of you guys seem eager for our city to take a loss on it."

Those guys would argue that it's an eyesore, the vacancy makes adjacent property look worse, the city has holding costs, and it's off the tax rolls. Cut the losses and get out of the real estate speculation business?



Additionally -

When you factor in all the time and money already spent, the revenues that would have been consistently received had the city never purchased it, and any commissions etc how long do we wait.

What is the saying - buy low , sell high, and only a fool holds out for top dollar.
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91_Aggie
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5:48a, 4/18/26
AG
Why is Bryan Woods still our city manager? We are paying him too much money and he's cost the city more than whatever possible good he's done.

There's where you can cut and it won't be a loss
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warreng
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3:28p, 4/22/26
I think everyone would prefer not to take a loss but just because the city vastly overpaid for a property doesn't mean someone else will. The businesses are actually looking at it from a economic standpoint and have to pay for it with their own money as opposed to the city who uses other people's money. People tend to be a little more careful when it is their money to lose and realize they have to turn a profit to stay in business. I appreciate Mr Yancy's commitment to this but I do think at some point you have to cut the taxpayer losses and admit the counsel screwed up. Out of curiosity, and this is a real question, has the city every done well on a real estate deal? We only hear about the bad ones. Surely there have been a couple good ones.
Warren N. Green www.bcshomebuyer.com warren_n_green@msn.com
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MyNameIsJeff
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In reply to 91_Aggie • 5:10p, 4/22/26
AG
91_Aggie said:
Why is Bryan Woods still our city manager? We are paying him too much money and he's cost the city more than whatever possible good he's done.

There's where you can cut and it won't be a loss

He only made $366k last year according to govsalaries.
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happyinBCS
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7:16a, 4/23/26
Macy's is on the agenda tonight
Hopefully Mr. Yancy will report back tomorrow
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EriktheRed
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In reply to happyinBCS • 10:03a, 4/23/26
AG
I don't see where Macys is on the agenda tonight...am I missing it?
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happyinBCS
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In reply to EriktheRed • 10:10a, 4/23/26
I think it is during executive session along with the property next to Cosco
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EriktheRed
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In reply to happyinBCS • 10:17a, 4/23/26
AG
ah yes, there it is. I skipped over the Exec session items
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Captn_Ag05
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11:13a, 4/23/26
AG
I wouldn't expect much on Macy's. On her interview with WTAW Friday, Councilmember McIlhaney indicated that the things that were explored there have not panned out.

https://wtaw.com/college-station-city-councilman-melissa-mcilhaney-visits-the-infomaniacs-april-17-2026/
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b0ridi
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In reply to Captn_Ag05 • 6:21p, 4/23/26
Yep, I hope no one is holding their breath any more. If it ever gets sold, it's going to be for pennies on the dollar.
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DannyDuberstein
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7:06a, 4/24/26
AG
Sunk cost fallacy. What they paid for it is irrelevant. You go find the best deal and move on
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australopithecus robustus
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7:25a, 4/24/26
For a deal like Macy's, holding out for a straight sale may be counterintuitive at this point. It may be time to get creative on a lease, lease/purchase option etc. Recovery of funds may be slower, but with the right structure the city could create cash flow with a long-term lease. If the lease structure is with a rock solid credit entity, they could then bundle it up with a bow on it and put it up for bid to an investment group or REIT.
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