Fiscal 2023 DIF Account

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Polar Park Hotel Delayed to 2025, Office Building to 2024

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Comments

David Z. said…
As soon as I read the article in my WBJournal email blast, I wondered how long before you would post that it on your blog. 😅
February 4, 2022 at 12:02 PM
David Z. said…
In Ed I still Trust!
February 4, 2022 at 12:04 PM
Bill Randell said…
Yeah imagine that reporting the news??
February 4, 2022 at 12:31 PM
Anonymous said…
The quotes from the City have me rolling my eyes back. Construction is delayed years and they are talking the difference between June and July ? Also What exactly is a "revised" building permit ?
February 4, 2022 at 1:37 PM
Anonymous said…
Not that I believe everything I read in the local media but I will say the Worcester Business Journal's reporting seems to be accurate with regards to reporting on the development. From the inception their reporting included the business perspective of sports economists who have been studying stadiums for years who stated these projects almost never work out as planned so from a business perspective I can see why they would be cautious in their business reporting. Then comes a pandemic which has changed how we work (remotely including meetings and conferences) which probably makes a hotel and office a less attractive investment. Again, the Worcester Business Journal has done nothing but report that these projects have been delayed, just facts. In another post a commenter questioned why the first residential project just received it's financing, some three years after the project started and questioned if the other buildings have obtained financing. That is a question I wish the Worcester Business Journal asked the developer since they are on record that they are going to gauge the market before they commence the second residential building, never mind the hotel or office. All of this is occurring while the City is silent and the only information comes thru a couple of blogs posting a rating report which provides more information than the City has directly provided. Some may blindly trust that this project will pay for itself but given the City's silence I am apprehensive. The only comparison I can think to use is Hartford ball park and development which was suppose to pay for itself but has the taxpayers paying $3-$4 million a year.
February 4, 2022 at 3:03 PM
Anonymous said…
A question that I hope someone can answer. Recently or has been reported that the residential building secured $57,000,000.00 to fund the construction of 228 units. This is $250,000.00 per unit. What would be the rent required to cover this amount of a loan?
February 5, 2022 at 4:22 AM
Anonymous said…
Trust the City (Ed) ? When all their only response to reports that project costs are 60%-75% over budget, that development has been downsized months after its announcement ( the Cove) or other development is delayed years from its original completion dates is a media source is against the project, that does not give me any confidence in any of their statements. Add to that, they admit that a rating agency that they need to subsidize the bond payments. The questions that should be asked is what do they know(and are not telling us) and when did they know it.
February 5, 2022 at 6:01 AM
Anonymous said…
Important tweet about ORH and its many cancellations:

https://twitter.com/ElJefeHikes/status/1490163780617125890

Great Cancun vacation 🌴 except having both the departure from and arrival back to
@FlyWorcester
canceled on
@JetBlue
✈️ on short notice. 😤 Scrambled to use Boston instead. 🤪 Sitting at JFK now waiting for ✈️ to Boston and then Uber back to 🚗 parked in Worcester. 🙄
February 5, 2022 at 10:04 PM
Anonymous said…
The city’s financial lifeLine is at stage and the city council is blowing hot air about things like banning gas stations that 99% of its residents will rely on for at least the next 50 years.

Oh, and let’s impose a BAC mandate on the poors, it won’t matter because we will prevent them from driving anywhere anyway.

This is the largest single expenditure by the city since I’ve been here and all we get is time wasted by the council until its time to vote tax increases in again. And that train is NEVER late.
February 6, 2022 at 7:30 AM
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