Meghan Hoyer of the Virginian Pilot reports today:
The non profit, city-run corporation that owns the downtown Holiday Inn site is expected to approve a development agreement Friday with Lincoln Property Company to build roughly 450 residential units, two parking garages and commercial stores on the riverfront site.Nice to know the City of Portsmouth has taken the absolutely most prime spot for development and, against their consultant's counsel, is moving forward to develop the riverside plot.
I'm also comforted that the City has chosen to work with a developer who's previously done absolutely nothing for Portsmouth. And, I'm comforted that they've chosen a developer whose proposal is damn awful ugly and has not a single architectural feature to tie it to the neighborhood it borders. And, I'm comforted by the thought that the City will pay out more than $14 million for a project that, if all goes well, will pay back $10 million in six years. And, finally, I'm comforted that the City, which spent over a million dollars at the other end of Crawford Street, thinks so much of public assitance that it's willing to spend my tax dollars to feather some corporate pocket book.
Oh, I'm also comforted that so many people will want to live in high rise apartments. Didn't I see that Norfolk has, in addition to Granby Towers, two more downtown high-rise projects in the works? I'm glad to see that the market research shows that Portsmouth is so unlike any other city that it will be able to capture high-end condo owners.
My only question is this: What monies and other perks have members of the City Council, and other governmental entities, received from Lincoln Property? I, for one, would like to see full disclosure. Not that I will in a thousand years, but I'd still like to see it.
Check out the comments posted under Ms. Hoyer's article.