It is an absolutely great solution. It'll never happen here. Oh wait - don't we already HAVE at least 2 similar projects (albeit smaller) on the books? Oh yeah....
FWIW - One year ago per the CinBiz Journal the apartments were 'almost fully leased and going fast' - now they're 55% PREleased (meaning the number is overstated) and the prices have dropped $100 each way on the rents.
What does all this mean?
These places sound great. These places look great. But when a decent discount store and full-service grocery store a a 4-5 mile hike across town....well, the allure wears off pretty quickly.
In Lafayette, Louisiana they built one of these places - MASSIVE place - Today the retail is still 50% empty, the apartments, well let's just say I know the guy who works for the electric company that does nothing but non-payment turn-offs in that development and it's a 50-hr/week job for him, the residents just can't afford the rent and electricity, and it's just another place in the city that caters to a small segment of the population - and just does nothing for the rest of the community.
If private money wants to build something like this in Middletown - sure, why not? But....private money isn't. Remember when the twin towers of grayness were built in Hamilton? Remember how much it was stated that it would revive the downtown area? Remember how many businesses shot up around it? How many are still there? Is that area thriving - outside of festivals?
In a WCPO article the dev director of Hamilton states, "If you want to be in an authentic city, you're not going to find that in West Chester or Liberty Township, with all due respect to those communities."
I call Shenanigans. Ask the 100,000+ people who fled places like Hamiltucky, Middletown, Cincinnati and the like and settled there. Go ahead.....I'll wait. Those places are more 'community' than the places they left have been in 40+ years.....that WHY they left.
I again, have no issues with development. There's a million reasons why downtown is impractical - and trying to force the current regime to do anything other than demolish structures is going to be fruitless.
So - back to the same old conclusion - the only things that matter at this point are elections. Who's gonna run - who's gonna change the course of our future?
------------- "Every government intervention [in the marketplace] creates unintended consequences, which lead to calls for further government interventions." -Ludwig van Mises
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