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These are rental units. I'm not so sure NY real estate investors are going to flock to downtown Providence for the pleasure of getting involved in converting the building into apartments and renting them out at current rental market rates, particularly ones with the disgusting, filthy KP bus terminal as the front yard.
The tax accommodation could easily be made by simply hiking the car tax by 25%, or raising the sales tax. Progress, Holly, has a price.
Define progress.
Is there really a demand for 28 more floors of apts downtown? Seems like the market has been saturated in the last few years. Developers cancelled plans for a skyscraper development at 110 Westminster, those new condos near the train station were leased to Johnson and Wales for dorm space and I still don't think they've filled the 903.
If it's such a viable enterprise, seems like someone who has the money would step up to the plate If it takes dangling a lot of money in front of someone to make them overlook the risk, I'm not sure that's wise.
"The tax accommodation could easily be made by simply hiking the car tax by 25%, or raising the sales tax". Given a good number feel stretched to the limit as it is, what pitch would you use to sell people on your extra tax idea?
It's a cool building and I'd hate to see it end up sitting there for years and rotting away, but this guy should have made sure of his funding sources before buying it.
I would like to see Granoff take over the Industrial National Bank Building. His tower that he proposed before the recession was to include a hotel and living space. I think this building could accomodate both and business/commercial space. The idea of working on the 10th floor and going home to the 20th floor would be appealing to many. Much is not said about the thousand's of jobs lost at the Hospital Trust Building and Industrial National Bank Building and in total 15000-25000 workers that once were employed downtown or nearby.
I would like to see Granoff take over the Industrial National Bank Building. His tower that he proposed before the recession was to include a hotel and living space. I think this building could accomodate both and business/commercial space. The idea of working on the 10th floor and going home to the 20th floor would be appealing to many. Much is not said about the thousand's of jobs lost at the Hospital Trust Building and Industrial National Bank Building and in total 15000-25000 workers that once were employed downtown or nearby.
You're right, it would seem a perfect fit for Granoff, and I don't know why anyone isn't considering mixed use. It would make a lot more sense.
I would like to see Granoff take over the Industrial National Bank Building. His tower that he proposed before the recession was to include a hotel and living space. I think this building could accomodate both and business/commercial space. The idea of working on the 10th floor and going home to the 20th floor would be appealing to many. Much is not said about the thousand's of jobs lost at the Hospital Trust Building and Industrial National Bank Building and in total 15000-25000 workers that once were employed downtown or nearby.
My guess is the money it would take to make the building work is far, far beyond what Mr. Granoff would be able to put together. The Industrial Bank Building and Arcade are in entirely different leagues. But, I could be wrong. Anyway kudos to him for restoring the Arcade!
My guess is the money it would take to make the building work is far, far beyond what Mr. Granoff would be able to put together. The Industrial Bank Building and Arcade are in entirely different leagues. But, I could be wrong. Anyway kudos to him for restoring the Arcade!
He thought he had the money a few years ago - remember the residential tower he wanted to build next to the Arcade? I think that's why he was suggested.
Is there really a demand for 28 more floors of apts downtown? Seems like the market has been saturated in the last few years. Developers cancelled plans for a skyscraper development at 110 Westminster, those new condos near the train station were leased to Johnson and Wales for dorm space and I still don't think they've filled the 903.
If it's such a viable enterprise, seems like someone who has the money would step up to the plate If it takes dangling a lot of money in front of someone to make them overlook the risk, I'm not sure that's wise.
I can't answer your valid questions, sandsonik. Look, I'm a "big picture" guy; I don't get my suit pant cuffs covered in dust figuring out mere details. Message is: FIX IT! It's unacceptable to have such a substantial building vacant.
My mother worked there in the 1980s, when it was Fleet Bank offices. Every now and then she'd go in on a Saturday, and bring me along. I loved goofing around on the electric typewriter, which felt so damn grown up, at the time.
Rhode Island is dying. Providence is no longer worth living in. Our government has failed us. Time to pack up and move south.
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