But first check out Nick K column today. In particular the following part that I have been thinking myself for what was months but now years:
Careful for what you wish for, boys and girls, because Mr. Park and company might just tell you all to go pound sand.
After all, Berkeley Investments, not the city, owns the CitySquare development site, which includes the former outlet mall, the two office towers and the parking garages. In 2004, Berkeley paid $30.3 million for the property, and it has been paying property taxes on it since. The city has no ownership or control over the property.
True, Berkeley is partnering with the city on CitySquare — the city will be providing public money for the demolition of the mall and the construction of new roadways and infrastructure — but should the City Council be telling Berkeley whom to negotiate with or criticizing the company for not moving quickly enough?
If Berkeley just wanted to sit on the property, wouldn’t it be well within its right, as long as it continued to pay property taxes to the city?
Berkeley is a successful development company and one would think it knows what it is doing. They certainly aren’t going to rush into something just for the sake of making some local elected officials happy. They want to make sure that whatever they do makes the most sense for them and the project. It is, after all, not the best economic climate for major development projects.
REBROADCAST: Diamonds Are a Marriage Counselor’s Best Friend - On this week's *Freakonomics Radio*, we meet a young Michigan couple who win a diamond at a charity event and then can't decide what to do with it. Sell?...
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