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Archive for Monday, December 20, 1999

RESORT DEVELOPER

December 20, 1999

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To the editor:

Thanks to the Journal-World for covering citizens' concerns about a proposed private resort development on public land at Clinton State Park. I offer additional information, about the developer, CB Richard Ellis, that you indicate is based in Kansas City.

Although, the company has an office in Kansas City, it is headquartered in Los Angeles. Its website cbrichardellis.com/corp/aboutcbre.htm reports that it is "the largest vertically integrated commercial real estate services firm in the world," and "with 10,000 employees worldwide, CB Richard Ellis (NYSE:CBG) serves real estate owners, investors and occupiers through nearly 250 principal offices in over 35 countries. In 1998, CB Richard Ellis completed 30,411 sale and lease assignments, with an aggregate consideration value of approximately $42 billion, and nearly 13,000 appraisal and consultation assignments. The company placed over $7 billion of commercial debt and $15 billion of equity in 1998. The company's property and corporate facilities management portfolio is 422 million sq. ft. Its investment management business (CB Richard Ellis Investors) manages approximately $7 billion of real estate assets."

Although Dave Mashburn of Turner Construction in Kansas City represented the developer at the recent forum at the library, the main player is a "global commercial real estate company" that proposes to profit from public land in Kansas. Is this what our legislators had in mind when they passed a bill to encourage private resorts on our lakes?

Bev Worster,

Lawrence.

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