[N]othing is set in stone for the project which means the number of rooms could change or we could see a lot more office/retail in this project than envisioned. Right now the developers are keeping quiet on the final plan.
That's one of the big problems, isn't it?
We're being asked to get behind an idea that we don't understand.
The plan used to obtain City approval is long gone -- the project isn't even in the same location anymore. The new location is an upgrade, but still, we are discussing a project that has not been vetted by Council (not that the befuddled Council got into the details the first time around...)
The newer plan discussed at the January council meeting has been dismissed as fantasy by the HVS report.
HVS has worked in the past for both Quaintance-Weaver and for the hotel developers. Randall Kaplan told Justin Catanoso, "they (HVS) are the experts in evaluating the marketplace."
The thing about the HVS report is that the numbers were not even close to being close to adding up.
So when do we see the new plan?
How big will the hotel be? How much will it cost to build? How much of the $30 million raised with tax-free bonds will go to the developers for fees and cashing out of equity, and who vets the valuations on the properties put up as equity?
Another commenter writes that the QW legal action seems likely to bring about yet another third-party feasibility study.
The clock is ticking on this funding package, and extended legal action could run out the clock.
Which might not be an unintended consequence.
That isn't what happened, Ed. I am not the only one who has asked Tim to explain his interests in this subject and to question who he is working for. His refusal to do so invites speculation and that's his problem.
If it looks like a duck....
Posted by: Spag | Feb 14, 2010 at 04:36 PM