ttricamo wrote:This is actually pretty crazy-cool and crazy-scary at the same time.
My thoughts exactly.
ttricamo wrote:This is actually pretty crazy-cool and crazy-scary at the same time.
ecoabsence wrote:ttricamo wrote:ecoabsence wrote:
- Tax Increment Financing (up to $400 million, according to some)
Almost a moot discussion topic, and maybe just icing on the cake for McKee. $400M is a mere 6.67% of a project estimated to hit $6 BILLION dollars.
Yes, but the big question is whether the TIF will apply to part of the project or the whole. If the whole, the $400 million is a drop in the bucket and issuance up front makes little sense especially because the area is a ways off before taxes will be generated with the property. Why would the developer not wish to TIF each component piece? That's the smart way to go -- not a total up-front package 15 years ahead of projected completion.
I seriously doubt that $6 billion would build the plan unveiled last week. A zero must be missing.
UrbanPioneer wrote:One way or another, tomorrow night's meeting is sure to be entertaining, especially the public comment portion. (There is one right?)
ecoabsence wrote:Perhaps $6 billion will be spent. However, the plan includes new streets, sewers, utilities, a light rail loop, a turbine on the Mississippi River, a coal gassification plant, four power cogeneration plants, millions of square feet of commercial space, a 40-story building, thousands of new houses, 50 acres of new parks, etc.
Of course, since none of those things are priced out and ready to build, a guesstimate of $6 billion is as good as any -- and likely to impress anyone who doesn't ask a second question.
The project is extremely malleable, and could end up being anything.
I would assume that people on this forum want it to be more than left up to chance...
(By the way, anyone who thinks that the area is an "urban prairie" ought to take a thorough tour, which I am happy to provide. The truth is more complicated.)
ecoabsence wrote:Perhaps $6 billion will be spent. However, the plan includes new streets, sewers, utilities, a light rail loop, a turbine on the Mississippi River, a coal gassification plant, four power cogeneration plants, millions of square feet of commercial space, a 40-story building, thousands of new houses, 50 acres of new parks, etc.
Of course, since none of those things are priced out and ready to build, a guesstimate of $6 billion is as good as any -- and likely to impress anyone who doesn't ask a second question.
The project is extremely malleable, and could end up being anything.
I would assume that people on this forum want it to be more than left up to chance...
(By the way, anyone who thinks that the area is an "urban prairie" ought to take a thorough tour, which I am happy to provide. The truth is more complicated.)
goat314 wrote:ecoabsence wrote:Perhaps $6 billion will be spent. However, the plan includes new streets, sewers, utilities, a light rail loop, a turbine on the Mississippi River, a coal gassification plant, four power cogeneration plants, millions of square feet of commercial space, a 40-story building, thousands of new houses, 50 acres of new parks, etc.
Of course, since none of those things are priced out and ready to build, a guesstimate of $6 billion is as good as any -- and likely to impress anyone who doesn't ask a second question.
The project is extremely malleable, and could end up being anything.
I would assume that people on this forum want it to be more than left up to chance...
(By the way, anyone who thinks that the area is an "urban prairie" ought to take a thorough tour, which I am happy to provide. The truth is more complicated.)
The area is an urban prairie Michael.
goat314 wrote:Everyone keeps saying that they predict vinyl siding and suburban styled development, but ask yourselves is that profitable? Paul McKee is not stupid, there is no money in turning North St. Louis into St. Charles (unless we are talking about New Town of course). People that want suburban styled housing will stay in the suburbs. I predict golf courses and mcmansions before cheap prefab housing. The property has to much money making potential to squander it.
Moorlander wrote:goat314 wrote:Everyone keeps saying that they predict vinyl siding and suburban styled development, but ask yourselves is that profitable? Paul McKee is not stupid, there is no money in turning North St. Louis into St. Charles (unless we are talking about New Town of course). People that want suburban styled housing will stay in the suburbs. I predict golf courses and mcmansions before cheap prefab housing. The property has to much money making potential to squander it.
I completely disagree. Yes it's profitable. Cheap finishings allow for a lower $/sf. Brick is quite expensive. I know little of this particular development, but I can only assume the price points for a majority of these new homes will be in the 200k range. You won't find all brick homes in this price range. The best we can hope for is a brick front. Better yet, modern infill.
Doug wrote:^Paul McKee destroyed entire blocks.
Define "value". From a monetary perspective, from the perspective of this area creating intrinsic "value" for the community, and assuming this New Town is what McKee has already proposed, your statement is both false and asinine.Doug wrote:What's there has value above New Town any day.
Perhaps you should realize that very few people care about the remaining, desolate properties of this area when compared against the proposed mini-city and its impact on StL. This is coming from a person whose immigrant ancestors' grocery store still stands, albeit almost totally alone, at 22nd and Benton, one block west of St. Louis Place Park.Doug wrote:To create New Town much more demolition will be required. That's essentially a reality.
It's quite tedious and annoying to reiterate this reality repetitiously. Perhaps you should review previous statements by some commenters in this thread and go re-visit the proposed development area.
Doug wrote: they were complicit...terrorism...criminal elements...aldermen took the money...suspicious fires...one of the most egregious examples of corruption...McKee should be in jail.
