Time Table on Private Developments

 

Do you remember when Zimbalist said:

 

Mr. Zimbalist, the city’s consultant, said his projection that the project pay for itself counts on the $90 million in private investment anticipated in Phase I. It does not count on the development envisioned in Phase II, which includes an office building, residential development and retail.

April 1, 2021 projected completion of Phase 1:

• Consists of $90 Million and approximately:  
• 450,000 square feet of development:  
• $40M - 2 hotels; approximately 250 rooms in total 
•  $40M – residential; 250 market rate apartments  
• $10M - ~65k SF of retail 

 

 

Our own consultant said that we were counting on the 90 million of private investment from Phase I when the park cost 100 million.   Wonder what he would said looking a 0 million of private investment from Phase 1 and a park cost of 159.5 million???

Now we are told about the 13 story Sir Morgan Cove building and Table Talk.    Neither of these projects will completed this year (2021), next year (2022) or the year after(2023).   We might see some real estate taxes in 2024...  

How are we going to make up all of this lost income that was projected in the initial Pro Forma??