Anyone live in one of these shiny new buildings?

[vicupstate]

You don't have to believe it. No skin off my back. But all the millions incentives did not fully offset the rehab costs. It's just insanely expensive to do historic rehabs.

Vestcor can get away with it, because - like many developers - their subsidiaries are also contractors and property managers. So they generate profits for certain divisions that way. Plus, they expect to make a big profit during the eventual condo conversion. But so far, 11E as an individual property has been in the red.

Don't get me wrong ... these guys know what they are doing ... they'll make a big profit on it eventually.

If that is true, then we have seen the last of the historic rehabs downtown, because the city is not going to incentivize projects at the level of 11 E and The Carling in the future. I don't doubt that rehab is expensive, but new construction isn't cheap either. Is the difference so great that millions in 'free' money plus huge tax credits (which are far more valuable than tax deductions) can't cover the gap, then it is amazing that any rehabs are done.

[jjoshjl]

I jsut hope they "revitalize" the Barnett Bank Building...

Sorry... Sucker for the old school building designs...

Cheers

[bobliocatt]

Peyton has already stated that he's not interested in giving incentives for The Barnett. So as of now, that project is officially dead, unless a developer with deeper pockets comes in and saves the day.

[RiversideGator]

I wish the City would give me some incentives in the form of a cash grant to help me revitalize some of my Riverside property. That would be nice.