Leveling six city blocks costs a lot. Usually, a lot more than first projected.
Has the ambitious plan to clear the Midtown Plaza area to make way for PAETEC's new world headquarters run into fiscal reality? A question easily asked with word of plans to maintain the Midtown Tower in the heart of downtown Rochester.
Original plans had called for the PAETEC building to rise on the site of the Midtown Tower. Now, an option is being considered to place what will be Rochester's tallest building at the northwest corner of the property at Main and Clinton.
Sure, the underground parking ramp beneath Midtown could be saved. And the tower may have a future as a place for housing. But does the truth lie in the cold bottom line of the cost of clearing the entire Midtown site.
The $60 million commitment from New York State sure sounded like it would be enough when Eliot Spitzer stood by Arunas Chesonis and vowed to see it through.
But those who know development have a hard time making the math work on clearing that much debris and asbestos from that large of a site in that tight a downtown corridor.
Could closing the deal take some private help? Perhaps from one of the exhisting property owners in the Midtown Block? Christa, one of the Rochester area's most influential developers, owns the property at Main and Clinton. Could an exchange be in the works to benefit both Christa and those who wish to see Rochester's skyline redefined?
And for those thinking: turning Midtown Tower into housing; what a great idea? Know what a commercial real estate source told me. Before the city took over the property, its previous owner, Black Acre, already had a plan put together to redevelop the tower, including literally skinning the facade of the facility.
Has the ambitious plan to clear the Midtown Plaza area to make way for PAETEC's new world headquarters run into fiscal reality? A question easily asked with word of plans to maintain the Midtown Tower in the heart of downtown Rochester.
Original plans had called for the PAETEC building to rise on the site of the Midtown Tower. Now, an option is being considered to place what will be Rochester's tallest building at the northwest corner of the property at Main and Clinton.
Sure, the underground parking ramp beneath Midtown could be saved. And the tower may have a future as a place for housing. But does the truth lie in the cold bottom line of the cost of clearing the entire Midtown site.
The $60 million commitment from New York State sure sounded like it would be enough when Eliot Spitzer stood by Arunas Chesonis and vowed to see it through.
But those who know development have a hard time making the math work on clearing that much debris and asbestos from that large of a site in that tight a downtown corridor.
Could closing the deal take some private help? Perhaps from one of the exhisting property owners in the Midtown Block? Christa, one of the Rochester area's most influential developers, owns the property at Main and Clinton. Could an exchange be in the works to benefit both Christa and those who wish to see Rochester's skyline redefined?
And for those thinking: turning Midtown Tower into housing; what a great idea? Know what a commercial real estate source told me. Before the city took over the property, its previous owner, Black Acre, already had a plan put together to redevelop the tower, including literally skinning the facade of the facility.
http://rochacha-rant.blogspot.com/2007_06_01_archive.html
When you add up the cost of asbestos removal and the questionable need for that much housing space in downtown Rochester, you don't have to be a developer to see why the tower still sits empty today.
Should this cast doubt on the city and PAETEC's ability to make this remaking of "Roc City," as Chesonis likes to call it, a reality? The players will dismiss that sort of negativity.
Neither the city, nor PAETEC, will confirm the reprieve for Midtown Tower yet, only that it's an option. If they choose it, it would cut into the cost of making the site shovel ready for PAETEC and subsequent development around the new skyscraper.
It won't be long before they'll have to level with us about what will be leveled.
When you add up the cost of asbestos removal and the questionable need for that much housing space in downtown Rochester, you don't have to be a developer to see why the tower still sits empty today.
Should this cast doubt on the city and PAETEC's ability to make this remaking of "Roc City," as Chesonis likes to call it, a reality? The players will dismiss that sort of negativity.
Neither the city, nor PAETEC, will confirm the reprieve for Midtown Tower yet, only that it's an option. If they choose it, it would cut into the cost of making the site shovel ready for PAETEC and subsequent development around the new skyscraper.
It won't be long before they'll have to level with us about what will be leveled.
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