Fiscal 2023 DIF Account

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Polar Park Update

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  1. We still do not own the land that the Stadium is being built on
  2. We still do not have a private developer agreement for the 90 million of private investments that is scheduled to be on-line for April 1, 2021, for the numbers to work.


#justsayin



Comments

Common Sense said…
I question if the additional development will ever meet its expectations. This particular developer has stated previously that he has no problem holding off on projects if the market becomes soft (which some economists are predicting in two years). I'm worried that his proposed hotels might also not meet expectations. The new AC Marriott Hotel has been disappointing as far as the percentage of room rentals. Also, a new hotel at Washington Sq. (Union Station) will be under construction soon. I've heard that the new development at the Mt. Carmel parcel might include a new hotel. I read an article by the owner of the Beechwood Hotel that he barely breaks even. The apartment portion of this development might work out based on the success of the Citysuare leasing rates, but again that might be subject to market conditions. The retail portion of his project is going to have to be unique (something you can't find anywhere else in the City). Otherwise, it will suffer when the baseball season is over. I hate to see a point where money will need to be diverted from the school, police, fire and DPW budget to pay the interest on the $100 million in bonds.
October 24, 2019 at 12:45 PM
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