Elizabeth Haugen's post today shows what went wrong with the Nicolett-Lake Sherman project. There is presently over a 7% vacancy rate for rental multi-housing and 2738 new units have been approved for construction. There just is not any justification for subsidizing more rental units at this time in Minneapolis, and we have a budget catastrophe looming. The Sherman project was at its heart a housing project, not retail.
Sherman just was not willing to invest his "own" private dollars into a project that had no chance to be economically viable. The Sherman version of the project depended on housing subsidies rather than Retail interest to be successful. Without the public gravy the train derailed. Down the line there will be new economic times and new proposals that emphasis the great retail potential of the location. Hopefully such a project will fix the screw up of the 1960's and 70's. Makes you wonder whom the Mayor and Council have promised the $14,000,000 that is set aside for multi-unit affordable rental housing. That same multi-unit housing which they can't convince anyone in the City not to fight; let alone want. They refuse to use any of the money for the true shortage, "Affordable Homeownership". They get downright mad as hell when someone acts like they might have other uses for it, like helping poor people buy a house. I guess they do not like the idea of poor people owning homes. There is not enough money to provide adequate police protection for poor neighborhoods, but there are millions of dollars for the "Developer Cronies". Something is very wrong with that picture. And these people downtown think we can trust them to balance the City's budget? We should just emulate my little old Grandmother when she saw some particularly marvelous human frailty, just shake your head, smile, and say, "My, My, My! What a mess this is". (Probably an old saying of all sorts of Southern grandmothers. Tommy Lee sure brought a smile when he used it in the movies) I am afraid the small mindedness and lack of vision will also do in the "Sears" project. Sears would appear to have a couple of potential chances at success. Part of it as a casino, and part as the new library, the rest a great shopping mall. I do not believe the "City Powers" downtown have the foresight to be able to see this vision, so it to will pass into the oblivion of "what could have beens". My, My, My! The reason Minneapolis is sinking from being the great City I first fell in love with is the smallness of the minds directing it. Not because it doesn't still have the same great people and the same great natural amenities that I first knew. Remember crickets, it took people with vision to create those natural advantages. So we have to wait a while until new times come, and new politicians come with them. Be patient they will come again. We are just presently at the bottom of the cycle; things will get better from here. The darkest hour is just before dawn. Well, I am not too sure they could get worse! But then, them leaders might just surprise us. So let's all get out our flashlights and possibly "light just one little candle", and help show them the way. Jim Graham, Ventura Village >"Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity." - Martin Luther King, Jr. TEMPORARY REMINDER: 1. Send all posts in plain-text format. 2. Cut as much of the post you're responding to as possible. ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
