Today the newspaper cheers housing starts and more real estate speculation with coverage that doesn't really reflect that stagnant economic situation confronted by most residents. Take a look: Conversion of downtown's Midwest Hotel into apartments takes an early step forward
Comments
Post a Comment
TKC COMMENT POLICY:
Be percipient, be nice. Don't be a spammer. BE WELL!!!
- The Management
I don't see how that story could be called "cheerleading" but I guess when you're as high as Tony anything is within the realm of possibly.
ReplyDeleteIt's another subsidized project. None of it is sustainable.
ReplyDeleteWell this is going to cost us.............again.
ReplyDeleteThat place used to be a straight up crack hotel. Good times.
ReplyDeletethis is another neat thing for downtown.
ReplyDeletethese projects are also a result of the fed''s zero interest rate stimulus.
it all does seem a bit bubbly, although a transformation of downtown might actually occur and make it work.
if it crashes, the whole sucker worldwide will be going down and nobody will be blamed, just like 2008.
6:31pm hits the nail on the head. Neither this, nor most of the other heavily-subsidized "development" in KC is sustainable, and neither are most of the other exciting businesses announced almost weekly opening in the location of a "former" business that failed.
ReplyDeleteSustainable, as in can the building generate enough revenue to pay its debt service and operating costs, and the answer is NO.
The folks who make out on these deals are the transactions gang consisting of bond attorneys, development lawyers, construction companies, property and land flippers, and others who cash in on"the project", but are all long gone when it comes time for the building to stand on its own.
And of course, the biggest losers are the taxpayers and residents who watch their public revenues dwindle, public "investments" disappear, and are stuck with a deteriorating new eyesore in their neighborhood.
Just give this and other similar projects a few years and revisit their "successes".
How's the College Basketball Experience coming with their request of the city to forgive their $600,000 "loan"?