An article from the New York Times tells the tale of a Arizona homebuilder who had his financing pulled out from under him by his bank financiers. The pictures of half-built homes reminded me of our own monument to the new economy sitting behind the Towle Building.
I just reread the article detailing the construction of those 'million dollar homes ." It seems like a lifetime ago, a completely different era. In fact, I think the news about Lehman Brothers collapsing came out four days later.
Ah well. It's a shame so much work was done with no end of the end of financial misery in sight. (It's interesting that the developer proposing the 20-lot subdivision off Toppans Lane isn't planning to build any homes at this point.)
I could deal with the blighted waterfront for a while, but I do wonder what's going to happen to the huge pit at Cashman Park, the gouge carved open to accommodate the old house being moved off the Towle site.
I don't suppose the city had a bond in place to complete the work, or at least refill the hole.
5 comments:
in the original article about the toppans lane development it says the developer planned 20 1 million dollar homes, seems to not have made it into the most recent article. anyone who believes they aren't planning on building homes is foolish.
Foolish? Not really.
I think it's reasonable to think they're going to subdivide the property now to establish its value. As the article reported, the property hasn't been sold yet.
If and when they get approval, the deal will close. Then the new owners can build the homes when the economy improves.
Anyone who thinks they're going forward with plans to build $1 million home in this economy might need to read the papers.
But that's what "at this point" meant.
The good news is if the abutters, city and anyone else wants to see this property undeveloped they still have time to make an offer.
The Toppans Lane developer is most likely aiming high in the number of houses so he can reduce it later and say he compromised. I also think the $1 million figure is unrealistic.
Speaking of the Towle property, are we now left with an indefinitely blocked off main driveway and a barn that won't be moved? Can't the city make them reopen the driveway? Do they need to take any steps to secure the uncompleted buildings? Can the mayor or council do anything about this?
Good points and fair question. The honest answer probably is, they can't. But maybe one of them can tell us for sure.
Re Toppans Lane, the developer is proposing single family homes priced at $1.2 M each.
Ed Cameron
Post a Comment