Two sources have confirmed to the Beachhead that negotiations are taking place between AIMCO (Apartment Investment and Management Company), the infamous owner of Lincoln Place Apartments and the tenants association. The subject of the negotiations is the purchase of Lincoln Place by a buyer lined up by the tenants, or a combination of an individual buyer and the tenants. Several of the tenant leaders have told the Beachhead that they would prefer eminent domain being used by the city. This would guarantee continued low-income housing without the construction of condominiums to pay back a private buyer. Eminent domain was first raised as a possibility by the Beachhead (see “The Case for Eminent Domain at Lincoln Place, Dec. 2005).
As of Nov. 30, AIMCO stock was trading at $11.47 a share, down from $43.67 earlier in the year.
Categories: Tenants/Lincoln Place