In a message dated 11/18/2008 8:32:38 A.M. Eastern Standard Time,
[EMAIL PROTECTED] writes:
Do you know if the PHC granted approval for the 10 story Campus Inn on Nov
14?
The Historical Commission rejected the application by an overwhelming 7-to-3
vote. The city therefore can't grant the permits needed to do anything, even
if there were a variance.
That's not all. Two more things
1. A variance is not a "use certification" (i.e., it's ok to operate a
hotel in a building on a lot zoned residential). It's very specific about
things such as building height, setback from the street and from adjacent
lots,
and parking). So, if the whole project has to go back to the drawing boards,
getting a variance now won't help them because they'll have to go for another
one later. Possibly, getting one now might influence the decision to get one
later. But being denied one now will surely influence any subsequent
decision. So, in my not-so-humble opinion, the developers would have even
fewer
little gray cells if they didn't pull their application.
2. Where's the money for this project coming from? The $2 MM from the
state is only a drop in the bucket (well, a splash more than a drop). Despite
what everyone thinks, Penn is probably not investing in this other than with
whatever terms the land lease might have). Tom Lussenhop certainly doesn't
have it. And Camous Apts may be able to influence credit but doesn't have this
kind of dough to put in. There have to be outside investors. But, in the
current recessional climate, cash is king and anyone who has it is being
courted
by all kinds of developers. Many of those developers have everything in place
to get moving -- some even have projects started and stalled. If I had $5 or
$10 MM to invest in this sort of thing (surprise, everyone, I haven't!),
would I wait another indefinite period after having been stalled this long and
having high uncertainty as to whether the project will ever get going, or
would I invest it in something that's getting ready to go or is going already?
The answer is obvious. Maybe to everyone but those blinded by the prospect of
getting rich without putting in any money of their own, or not holding the bag
on a real estate purchase for which there was no justification.
Al Krigman
reminding you that you read it first, here, on the popu-list
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