The owner of the Woolworth Building now says he has the financing to begin moving ahead with a rehabilitation of the vacant landmark. It will be interesting to hear more specifics and what ways the City can help get this cornerstone of Downtown back in use. Developer Michael Treanor's plan is for 60 units of housing instead of a previous plan for a hotel. State approval is still required, and the developer has asked the City to move the bus station.
Watertown Daily Times Apartment financing worked out
5 comments:
I wish our impotent governor would end these government cheese spending sprees. Instead of passing tax cap gimmicks.
I have no interest in using that building for housing. It would be cheaper and better for the community if we just agreed to maintain the building and keep it empty.
And the bus shelter should never have gone there in the first place. It should be moved and given to the Arcade. The Woolworth building should be allocated some parking across the corner by the pizza shop.
The Public is spoon-fed these projects a little at a time, How much Tax $$$$$$$$$$$$$ has Mr. Trainor gotten over the few years he's established himself up here? How many more low-income apts will be needed,(especially when NOW has to many) I could see if there Market-value but we all know the monies cant be used for what is needed.
Tax dollars used to support the pursuit of personal profits, no matter the reason, is "moral hazard".
This is exactly what the "too big to fails" have done to the taxpayer albeit on a much smaller scale.
Risk is assigned to the taxpayer but any & all success belongs to the insider(s).
I see the JCLDC is nearing giving more cash away this time for a Apartment/house complex Taxpayers assume risk The J's assume the profit.
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