Negotiations have stalled before because the city and railroad company officials couldn't agree on price. The city also has considered condemning the land. Norfolk Southern appraisal last year valued the right of way at $50 million, said Robin Chapman, a company spokesman.
"That was done at the height of real estate values, and property values have declined since then," Chapman said. "We are nevertheless insistent on getting fair market value for it." He wouldn't say how much the company would take.
Friday, January 16, 2009
Seems as if we have a golden opportunity to take advantage of the financial crisis. One way is the lowered value of property. Virginia Beach, perhaps looking to extend light rail from Norfolk, is setting aside $10 million as half of a $20 million payment to buy Norfolk Southern ROW for the line. Just a short time ago, it was worth about $50 million.