news-record.com

While the city shouldn't close the door on buying the YWCA property in downtown Greensboro, it would be smarter to wait and gauge the response from the private sector.

Given the steep $2.98 million asking price and a slow downtown commercial real estate market that continues to be hobbled by the recession, the site might not sell anytime soon.

Putting the 1.74-acre tract and 23,115-square-foot building constructed in 1970 on the market is the latest attempt by the YWCA to get its house in order and shore up its shaky finances.

In June, agency officials indicated a sale was likely and smaller space would be leased elsewhere. As part of the downsizing, staffing has been cut, services curtailed and fewer children served.

The location makes it an obvious target for expanding city recreational services. The YWCA tract is surrounded by the city-owned Historical Museum, Central Library, the Greensboro Cultural Center and Festival Park. But as Councilman Zack Matheny observed, the price would have to be reasonable. And nearly $3 million doesn't fit that bill, especially considering that the city already has shelled out big money to purchase property on High Point Road, near the coliseum.

Meanwhile, as the recession wore on, several proposed downtown projects stalled or have been scrapped. They include the $42 million mixed-use Murrow Station development that would have been built on the northeast edge of downtown.

Until financing for major real estate projects becomes more readily accessible, that scenario could be repeated.

City tax dollars are equally hard to come by in times of hold-the-line budgets. Yet, depending on the response of interested private suitors, the YWCA site could be available later.

For now, the city ought to hold its horses and its purse strings.