Quote:
Originally Posted by Ted Lyons
That was an odd line. I think the intent may have been to compare the potential for $2.4 billion to current investment in Seattle and Denver. I can't speak for Denver but, as you mention, even that amount probably doesn't get near what is happening in downtown Seattle right now.
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Not even then, public investment in downtown Seattle exceeds $3 billion alone for the cost of waterfront improvements and the redevelopment slated to begin soon. Throw in the $2 billion for light rail and extensions and it isn't even in the same ballpark. Amazon's HQ alone accounts for over over $700 million in private investment. I won't even include recent skyscrapers under construction and new highrise condo towers being built.
Denver isn't growing nearly as fast as Seattle but even there, one project by itself (Union Station) will cost $500-600 million. Right now downtown Denver has hotel, condo towers, and office towers under construction. Phoenix has had over $2.5 billion in public investment the last 5 years, not counting private investments like the nearly $1 billion CityScape development. What is going on in Tucson would better compare to what is happening in Tempe (minus the $600+ million State Farm HQ and the $350 million USA Place).
The article's author did not check her facts before writing that piece. At least it wasn't in a professional business publication. It was in what is basically a real estate publication ... real estate types tend to exaggerate. One important thing the article failed to mention by name, although I'm sure it was included in the totals, is the streetcar extension. The streetcar is, and will be, an important catalyst for downtown development in Tucson.