Complacency is the thief of victory This previous posting by Al Krigman about the Historical Commission's ruling likely making the Campus Inn zoning variance application moot is probably true. Probably but not definitely true. The developers of this project have a history of flouting reason and reasonability. We're keeping our ear to the ground to determine whether they'll be withdrawing their zoning application -- pending either abandoning this project or trying a new approach. If they do withdraw their application, we'll let everybody know. If they don't abandon the project, or if we can't find out, it would be a good idea for those opposed to the zoning variance to keep their schedules open so they can attend and show the strength of neighborhood indignation at this project. It's Wednesday, December 3, 12 noon, 18th floor, 1515 Arch Street.
From: [EMAIL PROTECTED]: Tue, 18 Nov 2008 09:40:37 -0500Subject: Re: [UC] Re-re-rescheduled ZBA hearing for the Campus InnTo: [email protected] 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 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. 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 Krigmanreminding you that you read it first, here, on the popu-list Get the Moviefone Toolbar. Showtimes, theaters, movie news & more!
