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Joplin land meant for Wallace Bajjali now for sale - KOAM TV 7

Joplin land meant for Wallace Bajjali now for sale

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Many realtors in Joplin are excited to hear two former Wallace Bajjali properties are now for sale.  The properties were originally meant for Joplin's master redeveloper.  According to realtors in the area, David Wallace, with Wallace Bajjali, wanted to be co-developer of proposed projects with outside developers.  Many realtors believe that was not attractive to those outside developers.

For sale:  2502 South Main and 2411 South Jackson.  Both were bought by the City of Joplin to help redevelop the area after the tornado.  Four years later, and after defunct master redeveloper Wallace Bajjali, that original intent remains.

"They are commercial.  The Main Street property is zoned c-3, and the Jackson property is zoned c-0," says Joplin Finance Director Leslie Haase.

David Glenn has been in the commercial real estate business for 43 years.

"We've had several inquiries about when and if that's ever going to be back on the market," says Glenn.

Glenn talks about the property on South Main Street.

"Some are just developers that would buy that corner and build an actual spec building and fill it with tenants.  So they don't necessarily represent any one particular client," says Glenn.

Back in 2013, the city's Joplin Redevelopment Corporation bought the South Main property for $600,000, based on $8 a square foot.  The city is now asking for almost $657,000.  Glenn values the land more, at $12 a square foot, which would bring the sale price up to $930,000.

"This is the corner of 26th and Main, that has access to a stop light, which in commercial real estate can add 20, 25 percent to the value.  Just the fact that it's on a corner with a stoplight," says Glenn.

The city bought the property on South Jackson for almost $213,000 in 2013, based on $3 a square foot.  The selling price now for this property is almost $238,000, which Glenn believes is accurate.

"It would be a good location for multi-family," says Glenn.

This property is near a new medical school soon to be established.

Glenn says when it comes to these two developments in particular, expect some developing negotiations.

"They're serious buyers.  So if they know it's on the active market and they can submit bids, then I'm sure there will be several that do," says Glenn.

The deadline to submit development bids for either property is 10 am June 8.  There are no plans right now to sell other pieces of Joplin Redevelopment Corporation land.  

The city's selling price of these two properties includes a fee of 5.75% (of the city's original purchase price of the land) that the city paid to Wallace Bajjali to help fund the now bankrupt master redeveloper.

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