Really good news. I'd imagine they wouldn't bother if they had the idea this thing was going to die, but who knows. Here's the State News article for those interested.
They'd have bothered, alright. We're talking about taxes, here. You don't have a choice in that. That's messing with the Feds, if you don't. It's why I haven't taken this news for much.
Repaying deliquent taxes isn't a net step forward, it simply brings the project back to square one, all over again. That he didn't even specify a tentative start date -- or any other details for that matter such as the demolition of the bank building -- was probably the most telling thing about the announcement. I guess what I'm saying is that you can continue to count me in the "I'll believe it when I see it" category. This is hardly the first time this developer has announced plans to go forward with the project. In my opinion, at this moment, he's just as likely to sell off the project as he to go through with it.
It's new"ish". The only real change is that the five-story building can also be developed as offices instead of forcing it to be mixed use. I'm still skeptical of the developer's funding as for the zillionth time, he's refused to talk about who is financing the project which is almost always a sign that financing hasn't been completely lined up. Anyway, I give the chances of this another "meh". I'll believe it when I see it.
I would truly love to see this project happen, but I will not be holding my breath to see this thing get underway. It would be awesome to see it actually start this summer though.
The State News notes this morning that City Center II has been approved for inclusion of office space rather than simply retail/residential. What's more interesting to me in the article, however, is the point made by Scott Chappelle. He claims that "[t]he demand for space in the City Center project has surpassed our most optimistic projections."
If that were the case, wouldn't they be all over getting this thing done ASAP so they can make some money? I'm guessing they're struggling to acquire the requisite amount of capital, because, based on Chappelle's statements at least, it's not a lack of potential tenants that's keeping this baby from moving forward.
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Repaying deliquent taxes isn't a net step forward, it simply brings the project back to square one, all over again. That he didn't even specify a tentative start date -- or any other details for that matter such as the demolition of the bank building -- was probably the most telling thing about the announcement. I guess what I'm saying is that you can continue to count me in the "I'll believe it when I see it" category. This is hardly the first time this developer has announced plans to go forward with the project. In my opinion, at this moment, he's just as likely to sell off the project as he to go through with it.
So...meh.
http://www.lansingstatejournal.com/article/20100223/NEWS03/2230323/1004/NEWS03
This is just a follow up of yesterday's story.
That last sentence right there says so much about this change in plans...
If that were the case, wouldn't they be all over getting this thing done ASAP so they can make some money? I'm guessing they're struggling to acquire the requisite amount of capital, because, based on Chappelle's statements at least, it's not a lack of potential tenants that's keeping this baby from moving forward.