Check out this story in the Telegram. The jist of the story is that the City of Worcester is going to take out a loan for $750,000 to build 11,000 square feet of unfinished space at Union Station. Lets not even get into the cost of nearly $70 per square foot, which seems incredibly high for a build out. Again lets put that aside for now, but I still have two major problems with this.
First off, we simply do not have the money to do this. If we really want these two tenants then lets cut them a deal on the lease and have them do the build out. What happens when we spend the monies for the build-out for the restaurant/night club and there is no business to pay the rent? Why do we think this club will succeed when other have failed? Bottom line is that the City of Worcester should not be in the lending business for commerical build-outs.
Secondly why these two tenants? Maybe if I, or you, knew the City of Worcester was willing to front $750,000 to build out the space other prospective tenants may be interested. In the end, I do not like the idea of the $750,000, but if we are going to do it then it should be a RFP open to everyone.
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