Quote:
|
Originally Posted by brandon12
^you are right that he could work the Bee a little better. He did have them eating out of his hands until the Bee broke the story that he would be seeking a subsidy for the hotel.
|
I think the bee has been looking for evidence that Saca is in over his head. There was also the uproar over Arena financing. Saca, making his case for funding, shot himself in the foot. Here are the comments he made to the Bee that I think were mistakes on his part.
Quote:
Condo high-rise seeks subsidy
Proposed $11 million from city would help furnish posh hotel.
By Mary Lynne Vellinga - Bee Staff Writer
Caught between rising construction costs and a slumping housing market, Saca has seen the budget for his $500 million project, which would be the tallest residential structure on the West Coast, tighten.
A few months ago, Saca began negotiating with the city for a subsidy, something he said he had previously viewed as "a last resort."
"We absolutely need it," he said. "What's happened is our construction costs for the project have gone up well over $100 million from last year."
"It will get built; it's getting built. The question is whether John Saca makes any money at the end of the day. I could go through all this and end up making less money than I would have building a little Walgreens on the corner."
|
Threaded Mode