OK, maybe that's a little too cynical. The City Council approved sale of the Y-Lot (surface lot between 4th Ave and 5th Ave on William) to Dennis Dahlmann last night for $5.25 million. Dahalman owns the Bell Tower Hotel and Campus Inn. The terms of the sale call for a building with 400% FAR, a ground floor that is mixed use, several floors of office and a top floor of residential.
This article was updated to reflect the fact that the sales contract requires a FAR of at least 400%, not 900% as we had previously stated.