I'm just very doubtful that the District gets off the ground and that the deal looks anything like it's described today. Will the city build a street grid on the District property so that once Elements fades, we are left with urban plots for other developers?
All due respect, but if you're going to be doubtful, at least be informed of the facts
The city's going to build three riverfront parks totaling 3.5 acres, a 1-acre pocket park, a 1,900-foot expansion of the riverwalk, a public walking trail around the District, a 100-space parking lot, and expand three roads for public access.
Elements will be responsible for horizontal construction, including the street grid, sidewalks, etc., funded by issuing $30 million in bonds through the CDD.
And the bonds will be repayed through REV grants, contingent on construction and increased property value as the District is completed.
The city doesn't own the land to hand out to other developers, Elements put down $18 million for it this week.
Even though there were clear signs that continual progress was being made (environmental due diligence, the very lengthy, very expensive DDRB approval process, negotiations with tenants, marina permitting, etc.), I understand the skepticism when the sale kept getting delayed.
But now that the sale is closed, the details of the agreement are in the open, and it's crystal clear that the only way for Elements to get full incentives for this project is to keep their foot on the gas and build what they've promised, what the city has approved, and what public infrastructure will be constructed to accommodate, I just don't get the pessimism.
People who have done a lot of the good things for the city over the last 20 years have dedicated years of their lives to making the District vision a reality.
You don't do that to just randomly bail.
I've said it for years, but I'l say it again.
The District will be largely finished by the time you see anything go vertical across the river at the Shipyards.
