City, developer headed to court in July over value of Mercy property
WATERTOWN, N.Y. (WWNY) - The city of Watertown and the owner of the former Mercy Hospital site are headed to court in July, to try to settle the value of the property.
The city says the main property is worth $1.4 million; COR Development puts the number much lower, $230,000.
COR acquired the property and demolished the former Mercy Hospital - sparing the city a huge headache - nearly a decade ago.
For years, COR promised to develop housing, stores and offices on the property, which is bounded by Stone, Sherman, South Massey and Arsenal streets. The project never happened. The lot is vacant.
The city and COR are due to appear before State Supreme Court Justice James McClusky July 29. The judge’s decision will determine how much COR pays in taxes on the property.
Meanwhile, COR is attempting to sell the land for $2.5 million. That includes the main parcel of almost six acres at 218 Stone Street as well as some near-by land. In all, just under 10 acres is for sale.
City officials point out $2.5 million is more than 10 times the value COR places on the main property - $230,000 - for tax purposes.
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