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Old Posted May 5, 2008, 8:48 PM
chadpcarey chadpcarey is offline
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Join Date: Jul 2007
Posts: 49

You're more right than you know with regards to property owners. In SA, I've been very frustrated with the unrealistic expectations most property owners have. I get needled by many of my friends (good-natured.........I think.........) to "do something with all those crappy vacant lots/buildings down there".

Well, I can assure you that the owner of that "crappy vacant lot/building" thinks it's worth 3x it's actual value. And he/she is content to do nothing with it until he/she gets that price.

In the meantime, economic fundamentals for all deals are very, very skinny right now. Construction costs are still very high and volitile, capital is becoming much more expensive, and the lead-time for deals is too long.

Specific to the MP master plan, there are elements that I would probably not endorse, and I'm absolutely leery of giving COSA Development Services more regulatory authority, given the existing challenges of getting an urban building type approved (we're doing The Eighteen-Hundred, at Broadway & Grayson,and I have plenty of war stories).

That said, I'm encouraged that COSA (and Downtown Alliance, and Cross/Adelman/Lifshutz/etc.) are pushing for a grand vision. As you've pointed out, that's a big step forward for this city.

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