If this city council approves this project by this developer, they have lost their frickin’ minds;
The 10-story property at 141 N. Main Ave. was purchased by an investment group this summer and will be redeveloped by Lamont Cos. Inc., an Aberdeen-based developer with more than 50 franchised hotels nationwide.
I think the project idea and remodel is a good one, that building has immense potential. My aunt actually worked on one of the top floors of the building in the 80’s and the views when I visited were amazing. If this was ANY other investor group I would be all for it. But permits can be denied based on the (business and ethical) character of a developer or contractor. I think sticking the SF taxpayers with a $26 million dollar empty concrete block then getting a check to boot from us for your ‘troubles’ would mean your character ranks right up there with Homer Simpson. It will be fun to watch how the Planning Commission and Council handles this. Let the Weaseling begin!!!!
RIVERLINE DISTRICT GETS PAUSED
No surprise since they have identified ZERO funding sources;
But now things are coming to a pause. The committee said three of its objectives: creating a timeline, designing and pricing a new convention center, and timing out a public vote, are yet to be done. But they voted Monday evening to pause their work, claiming that no more progress can be made on those objectives as things stand right now.
I said from the beginning the only way to move forward on this is selling the public on a funding source instead of playing reindeer games with the legislature and trying to ‘trick’ us into a new tax. Complete stupidity. You need to show 2 things; 75-90% private investment and an ROI for taxpayers (not just the city coffers and private hospitality industry). Instead they showed us the shiny ball first and nobody cared.
As all of this discussion takes place, the clock is ticking on something to be built on the 7.2 acres on the east bank of the Big Sioux River. As a part of the City’s purchase agreement, State Partners, LLC has the option to repurchase the land if no construction starts in five years. Almost 11 months have passed since the City Council adopted that agreement.
This was also dumber then a mud fence. They thot they could sucker us into the new building since we already owned the land. You don’t buy a lot to build a new house without having the finances in order to pay for the construction of the house.
Do we need a new Convention Center? Sure. But I look at this two ways; 1) We can expand at current location by making the Arena a multi-level complex (the main reason we built the Denty at that location was so we could use it for convention center space). OR 2) Have a private hotel and convention center move into the Riverline space. We would lease the land for FREE for 99 years and we would give all BID tax revenue to only be exclusively spent on marketing.
We can make this happen, but not by increasing sales taxes or having expensive bonds that take 30 years to pay off. I look at the convention center business as a private one, and I think SF should make the bold move of letting this being taken over by private industry. You could actually model it after the Pavilion, which probably would be fine now without public money.
But the Banksters and Bondsters in town need a constant loan on the books to justify their bond commissions each year, and this was just another one of their ‘commission’ projects.
WHAT EVER HAPPENED TO THE APARTMENT COMPLEX TO BE BUILT AT 8th and RAILROAD?
While the bunker ramp bum is trying to get a permit, the Riverline committee Petered out, Tre Ministries has been less then transparent and we have no idea why the Dusty Monkeys were shipped out of town and we still have no idea what is happening with a project that got millions in a TIF. Obviously if this project ever comes to fruition (I think it is dead) they will have to reapply for the TIF due to time commitments. Why did this fail?
Ironically another well know developer* in town with close ties to the city and state government put forth a plan that was rejected. It was almost entirely affordable/workforce apartments and almost 100% local investors. I asked some people why they think his idea was rejected over the Iowa development? They laughed and said, “Politics.” The irony is this project would be already done if they would have picked this developer, but hurt feelings over local politics killed it. This is what happens when you bring politics into a simple planning and zoning matter, we all lose.
* This is NOT Billion. Billion attempted to make the first go at the project but concerns with underground parking and investors had them pull out, which created a new RFP.
l3wis 