Saturday, November 7, 2009

Development Idea(s) Vacancy

More hilarity from the Journal Sentinel in Right Place, Right Time.

Yes, more development boosterism. They editorialize about the Moderne, on Third and Juneau, being a project that will "kick-start" the Park East. And it will only cost the city "about $10 million."

They quote a Wally Morics' (City Comptroller) report, "The City is not a bank, and the loans would set a precedent for city support." Newsflash: that precedent was set decades ago. Public-private partnerships are old hat. Taxpayers have been funding a whole host of private playgrounds for years.

We've been using, primarily, our bonding to fund private real estate speculation, rather than having our money invested in public transportation, sick leave, a living wage, and other more specifically public uses.

The article rambles on about, "special circumstances," and "the quality of this project." It's 203 apartments and 14 condos. How such a project addresses the "special circumstances" or is of such high "quality" is unknown.

The editorial also implies a need for more downtown apartments. No analysis is given to support such claims. Then, in the very next sentence, they talk of how the condo market isn't doing very well. Won't some of the vacant condo projects, that are already out there, be rented as apartments? We should subsidize more vacant space? Is that the best use of our investment dollar?

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