Quote:
Originally Posted by Spoiler
It was probably the best possible outcome for that property though, considering it will now be occupied for a long time to come, and it was not commercially attractive. Who knows when the building might otherwise have been leased?
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I absolutely understand your thought on this, but CPS is a public entity, in that a good portion of their revenue comes from the citizenry. While I'm sure this property will be upgraded, it is incumbent on them to use the money we pay them wisely.
I don't know all of the formulations they used to come to this decision, but 250 million for this renovation vs. 145 million to build Frost Tower from the ground up seems a little out of line.
I'm sure demolition of these buildings, coupled with a new tower, would have been at least as expensive, if not more.
And, perhaps, comparing this with the cost of Frost is a bit unfair, as the deal with the city meant they didn't have to buy the land.