case history: a west coast REIT:

Things can get rather complicated when a redevelopment project occurs in phases. What are the tax ramifications when newly completed sections sit adjacent to buildings just waiting for demolition?

Such was the situation a major west coast REIT brought to us after they had purchased a mall targeted for complete redevelopment.

Since the costs of the redeveloped mall were highly publicized in local newspapers, our task was to mitigate the prospective taxes attributable to it and to make sure certain buildings weren't taxed prematurely.

The result was a tax savings of approximately $922,000 over the prospective taxes (based upon published development costs) in a two year period. At the same time, we protected the inappropriate addition of any buildings to the tax roll until they were due to be properly enrolled.

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