Want to know what kind of mayor Costello would make? Let’s follow the money

This image is from Pat’s mayoral financial report;

sfi_costello_081809

These are what google searches came up with

COS Inc.

BSF Inc. (Borrowed Bucks Roadhouse)

STK (Empire Auto Sales? Not sure?)

United Enterprises is a mystery

41st street holdings is also a mystery, my guess is it is Fuddruckers restaurant

If anyone has more detail on these financials please comment. In fact it would be great if Pat commented himself.



13 comments ↓

#1 Sy on 10.22.09 at 12:07 pm

United Enterprise’s is Kent Vucurevich’s company.

I believe it was his ATM machine cash cow that he used as one of his investment vehicles for things like Vista Towers & Arbor’s Edge.

Costello was defending KV in that AL piece on him a few months ago and commented on how he was involved in some business deals with him, so he hasn’t been hiding his association with him.

#2 Sy on 10.22.09 at 12:09 pm

From the AL:

“”He’s not a bad guy,” said Pat Costello, a Sioux Falls city councilor and partner of Vucurevich’s in a restaurant. “He clearly got too far out on some deals. I think to a large part he’s a casualty of the economy. Maybe if the economy were still headed full steam like it was two years ago, maybe the world would be different for Kent.”

http://bulletin.aarp.org/states/sd/2009/25/articles/crash_golden_boy.html

#3 Sy on 10.22.09 at 12:10 pm

Per the Link:

“He’s not a bad guy,” said Pat Costello, a Sioux Falls city councilor and partner of Vucurevich’s in a restaurant. “He clearly got too far out on some deals. I think to a large part he’s a casualty of the economy. Maybe if the economy were still headed full steam like it was two years ago, maybe the world would be different for Kent.”

http://bulletin.aarp.org/states/sd/2009/25/articles/crash_golden_boy.html

#4 l3wis on 10.22.09 at 12:53 pm

What is his family background? Was his father a successful business man, I have been asking around and have been hitting roadblocks. Or is he self-made?

#5 Sy on 10.22.09 at 1:00 pm

Well,

Warm up your boos, hissess and get out your best poo-flinger because they are some of those evil,

rotten,

bloodsucking……

(wait for it)

DEVELOPERS!!!! AAAARRRRRRRGGGGGHHHH!!!!!

http://www.costelloco.com/splash.asp

#6 Costner on 10.22.09 at 1:16 pm

Sy: I believe it was his ATM machine cash cow that he used as one of his investment vehicles for things like Vista Towers & Arbor’s Edge.

When are they going to officially change the name to Vista Tower (singular as opposed to plural)? That building still has numerous empty units and it has been there for at least 3-4 years now.

I laugh every time I drive by and look at the “towers” sign. Reminds me of Back to the Future and the ‘Twin Pines Mall’ that was later called the ‘Lone Pine Mall’ after Marty “took out a pine” with the DeLorean.

#7 Sy on 10.22.09 at 1:26 pm

I don’t think they will, they’ve had all the signs and marketing materials made and if you know Dunham, they won’t spend another nickel.

They got stung pretty good on trying to bring the high-rise, luxury condo concept to SF. Personally I’m surprised it didn’t go better, the units & amenities are awesome.

The reason they didn’t build the second one is they knew they’d have a hard time competing with building one owners selling their units when they were trying to sell new units in building two.

#8 Plaintiff Guy on 10.22.09 at 1:34 pm

There’s a web service called NET Detective that is a good resource for this type of information. This form is hardly enough. Candidates should have to report corporate ID, state where registered, and 2 years annual reports. A good IRS agent would have enough suspicion here to launch a detailed investigation. For various reasons, anyone associated with property development must suspend their interests while in office. Given ‘Home Rule’, a mayor steers contracts and there’s nothing to stop them from illegal preferance and profit.

#9 Sy on 10.22.09 at 1:53 pm

Plaintiff Guy:

” Candidates should have to report corporate ID, state where registered, and 2 years annual reports.”

Uh…yeah, right. As a price for serving your city, state or country, you must open the door for any competitor to come along and ass-rape your company(s)

Pat is a smart guy and he’s a good businessman. He’s not a sheister, nor is he known for screwing people over. As far as his business career goes that’s really all that matters.

#10 l3wis on 10.22.09 at 2:38 pm

So he is related to the Costello family.

So, if Pat becomes mayor, how many of his ‘business holdings’ will he give up?

#11 Costner on 10.23.09 at 6:09 am

I don’t think they will, they’ve had all the signs and marketing materials made and if you know Dunham, they won’t spend another nickel.

Agreed – I realize they have no plan to change it, but it sure looks pretty stupid to call a single building the “towers”. I chalk that up to a bad marketing plan… the name should have been designed to be more flexible in the case things didn’t go as planned. “Vista Tower I” would have been fine because if they ever built another one it could have been “Vista Tower II” etc.

They got stung pretty good on trying to bring the high-rise, luxury condo concept to SF. Personally I’m surprised it didn’t go better, the units & amenities are awesome.

Honestly I’m not impressed. The lower level units don’t have the nice views, and a fitness center and underground parking are standard on most new apartment complexes, so I didn’t see much there that was all that special.

Frankly I think they failed to do their research on the market before starting the project. Condos sell find in SF, but along with a nice view and granite counters, you need to have a friggin pricetag that the typical condo-shopper can afford – and that wasn’t the case with that tower. A single bedroom condo with a view of Sanford clinic should not cost $350k+, and don’t even get me started on the maintenance fees.

The reason they didn’t build the second one is they knew they’d have a hard time competing with building one owners selling their units when they were trying to sell new units in building two.

Last I checked they still had new units in the first building that have never been sold. That might have changed now, but you can find four or five of those on the market at any given point and many of them are out there for over a year before being sold.

Needless to say I’m glad I wasn’t one of the original investors as it seems clear they have lost their asses.

#12 Rebecca Paul on 11.13.09 at 1:23 pm

I am nearly certain that 41st Street holdings refers to his ownership stake in the Ground Round Restaurant on 41st Street. I do know that Cos, Inc. is his Fuddruckers property. Seems a little weird to me that Fuddruckers corporate would allow him to be an owner of another burger restaurant just a mile or so away from his existing enterprise. Pat is a partner with Kent Vucurevich in the Ground Round. Kinda makes you wonder why he has been less-than-forecoming with this information.

#13 sfworkingman on 12.04.09 at 9:32 am

I have worked for Pat Costello in the past and can honestly say he is the most arrogant, uncaring trust-fund baby i have ever encountered. After confronting him about receiving my annual 25 cent raise he responded by telling me “you should be working right now, go cut croutons.” After a few weeks of pleading I managed to receive a meager 15 cent raise and was told “not to expect anything else for six months.” When Pat says he wants to control costs he means it, only he likes to control costs off the backs of the working class so his businesses can reap the benefits. Why would a man who’s been given everything in his life from his wealthy family refuse someone like me, who has to work hard to earn my living, the dignity of a fair pay rate after a year of good service? As far as i am concerned he does not deserve any office in this great city.