Quote:
Originally Posted by GoldenBoot
The Planetarium Tower is now floating aimlessly through interstellar space (at least in its current form and site). However, the group and developer behind it are still weighing their options.
T.Stacy’s project was “dead” from the day it was conceived. Tom never had any intention of developing the project by himself. He wanted to obtain the highest available zoning and sell it off to the highest bidder. This process is prevalent with local developers who have no experience in developing these types of projects. That is exactly why I fear the Sutton Co.’s “plans” for Waller Center. I’d LOVE to see that come to fruition; however, Sutton has no history in developing this type of project and is probably in the same boat as Tom…maximizing the value of a particular piece of property.
Larry Nelson tried to do basically the same thing with another Rainey Street property four years ago…Contract the land under a feasibility study and see if he could get the city to agree with a higher FAR zoning for the site. From day one, it was Nelson’s intention to buy the land only if he could flip it with denser zoning.
In all honesty, it’s a good business plan. However, it tugs at the heartstrings of those who actually want to see these “proposals” completed.
|
I agree with you on Sutton. They just pulled a bait and switch with the property that they proposed to build twin 50-story towers on and sold it to another developer who is planning on an 8-story building. This 65-story tower proposal is no different.