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Not opposed the the location or concept. The devil is in the architecture & public subsidy details. I find more offensive the generic suburban-looking hotels approved in the pipeline for PVD.
Not opposed the the location or concept. The devil is in the architecture & public subsidy details. I find more offensive the generic suburban-looking hotels approved in the pipeline for PVD.
I believe that there are any public subsidies that go along with this, we'll be looking at another boondoggle on the scale of 38 studios.
38 Studios was a loan. You can't default on tax credits.
That's not what I meant- of course. Giving these people tax deferments and special deals such as ignoring the zoning laws, etc. would be a boondoggle. I don't know know what is in the preliminary agreement, but I'm basing this on past deals. The end result is that the taxpayer loses.
It isn't ignoring the zoning laws. The zoning laws include a process, within those laws, for applying for and receiving a waiver.
There is no agreement, according to the article. The developer is looking for the maximum $15 million credit. If it brings people to live in Providence, and pay sales tax and income tax here instead of in Massachusetts, then it seems like the taxpayer wins.
RI has a dearth of high paying professional jobs. Plenty of luxury housing is already being built near the train and in EP.
Convince me we can fill 40+ floors with high payers (while spoiling the scale of downtown and obstructing the waterfront). It's not all about money- it's also about aesthetics. We can approve any old crap to make money. I think an entire subdivision of 200K raised ranches on the waterfront would sell.
Also, I've got the Brooklyn Bridge for sale to anyone interested.
Forgive me, as an outsider I don't know much about the local economy...are there really a lot of luxury units sitting empty in Providence? What do rents go for? Is there a lack of demand for highly paid professionals (how is this defined?) or a lack of supply?
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