A religious organization has received a $4 million pledge towardthe purchase of the complex, but is still $1.75 million short of itwants to counter an offer for the property made by a Silicon Valleyinvestment partnership that wants to raze the structure and buildcondominiums.
The property in question is the Carriage Manor at 1760 Bay Road.The Daughters of Charity Ministry Services, a Catholic nonprofitgroup, has joined with the Philanthropic Ventures Foundation toraise the additional money. The local owner, Benyam Mulugeta,bought the building in March for $2.1 million. He turned down a$2.6 million offer from the nonprofit earlier this year, and isstill in negotiations with the investment partnership.
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