Quote:
Originally Posted by tmacdougall
Setting aside personal emotions, this situation epitomizes pure capitalism.
If you're seeking to assign blame for the plan's expenses, perhaps directing your focus towards city officials would be apt. To my knowledge, the city proceeded with the plan despite being aware that the land wouldn't be accessible.
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What likely happened is the city was forcing the owner to build and pay for ALL of the infra-structure such as new boulevards, traffic circles, sidewalks, public green space, retention ponds, etc which likely made any business plan to monetize their land via development infeasible. This plan likely took years to develop at the developers cost to meet city demands. Then Mr. Irving came along and offered them a decent amount, at least allowing them to recoup some of their money and walk away from all the risk. Just a hypothesis.