Friday, March 26, 2004
 
Optimism Until the Fine Print

What's not to like about the headline and lead for this St. Louis Post-Dispatch column?
    Buyer's vision is 100 apartments for Pet Building

    It's happening. Mothballed for months, downtown's distinctive Pet Building has a buyer - and a metamorphosis in the works. Balke Brown Associates has the property under contract.

    Sale terms are not public, but here's the vision: to turn the 15-story office building into 100 apartments for an estimated $30 million.
Yay, team! Go development! Build! Build! Capitalism, rah!

Until the dreaded Fine Print strikes:
    The hurdle - and it's a big one, says Land - is securing the state and federal historic tax credits to make the deal work.
Never mind. It's not capitalism--it's crony capitalism. Any company that can even conceive of buying a property for $30 million dollars should not count on sucking from the government teat, and I mean should not count on my personal tax contribution to make it work.

Who died and made you Suharto?

- posted by Brian J. @ 11:34 PM
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