Wal-Mart Update: Slight Progress in the Property Acquistion Arena

Developer Leshem throws another $125 thousand in chump change toward the $ Multi-million Wal-Mart project

This morning's Standard-Examiner provides a hint of good news regarding Emerald City's stalled downtown Wal-Mart Supercenter project. Ace Reporter Schwebke's morning story reports that "developer" Gadi Leshem last week actually coughed up the $125,000 in earnest money provided in the sale contract with Ogden property owner Mark Boyce "about a month ago." While the payment of a contractually-required "down payment" is something that normally occurs simultaneously with the execution of a property purchase agreement in a normal transaction, we already know that Gadi Leshem isn't exactly what anyone would label a "normal developer." Looking at the bright side though, (we always like to look at the bright side), it appears that at least Mr. Boyce didn't require the services of Gadi crony Boss Godfrey to pry this latest earnest money payment loose, unlike the situation with Boyce's neighbor, Brent Cox.

Ace Reporter Schwebke also provides a handy scorecard this morning, regarding the four properties which yet remain "unacquired" by Mr. Leshem:

1) Boyce has received his earnest money, as we said. His transaction is expected to close in October;

2) Gadi is apparently in breach of contract as to the Cox transaction, although he is making noise about a "soils" problem, a possible failure of a contingency which might provide Mr. Leshem a contractual "out." Cox has nevertheless put his property back on the market, although the ever-optimistic Dave Harmer suggests another heretofore unnamed developer/accommodator/white knight is standing somewhere in the wings;

3) The Praxair property remains unacquired. Schwebke provides no information about the possible status of the transaction; and,

4) Although the Northern Exposure Gentleman's Club is now shut down (sniff), Mr. Leshem still doesn't show up in title as the record owner. Once again we have no hint about the status of this property acquisition.

This morning's news does provide some slight encouragement that the project is making progress, although we also submit that Mr. Leshem's recent behavior could possibly reflect the fact that Mr. Leshem isn't quite so flush with cash as his proponents have suggested in the past, shall we say. The so-far demonstrated perfomance to date on the part of Mr. Leshem somehow doesn't exactly inspire confidence in the Moneyman who plans to singlehandedly finance the makeover of half of downtown Ogden as far as we're concerned -- if you take our meaning -- which we think you do.

Comments are invited as always.