2008 Woodie Awards
Using public funds to finance condo is a bad idea
STAFF EDITORIAL
Issue date: 4/2/07 Section: Opinion
- Page 1 of 1
WHEN MOBILE COUNTY Commission President Juan Chastang revealed plans for a 21-story condominium last Thursday, The Vanguard's editorial board was pleased to see their hopes of a condo finally materializing.
Seeing the plans revealed only rekindled our desire for a top-notch condo on the vacant site where the old courthouse once stood, which is west of Royal Street and between Government and Church streets. Especially considering Mobile Mayor Sam Jones' yearning for a Mardi Gras-themed park complete with an elaborate water display to fill the vacant lot, a condo with retail and a restaurant with an outside fountain will serve the city better, our editorial board believes.
But Chastang's plan comes with some questionable actions. For example, this current plan calls for $85 to $100 million of public funds to finance the project. Initially, this condo project was pushed as being a way to make money by leasing the land to a private investor, thereby avoiding the millions it would cost to build the structure. Leasing the land would produce between $500,000 and $750,000 every year.
Chastang's plan also involves the nearby Probate Court building, an addition that has seemingly sprung up from nowhere. Chastang's vision calls for demolishing the building rather than adding three more stories to the current structure, which is the current plan. Commissioner Stephen Nodine told the Press-Register last week that he would not support the demolition of the Probate Court building, a move that the editorial board thinks is a good one.
At this point, we believe the best move for the county is to continue with the three-story addition to the Probate Court building and restructure the condo deal to fall back on the original idea. We still want to see the condo built, but the county shouldn't pour upward of $100 million of public dollars into it. A private investor is the way to go.
The mock up drawings, however, are excellent, and the editorial board believes this beautiful condominium and water fountain will add something to our city that it has been lacking.
Seeing the plans revealed only rekindled our desire for a top-notch condo on the vacant site where the old courthouse once stood, which is west of Royal Street and between Government and Church streets. Especially considering Mobile Mayor Sam Jones' yearning for a Mardi Gras-themed park complete with an elaborate water display to fill the vacant lot, a condo with retail and a restaurant with an outside fountain will serve the city better, our editorial board believes.
But Chastang's plan comes with some questionable actions. For example, this current plan calls for $85 to $100 million of public funds to finance the project. Initially, this condo project was pushed as being a way to make money by leasing the land to a private investor, thereby avoiding the millions it would cost to build the structure. Leasing the land would produce between $500,000 and $750,000 every year.
Chastang's plan also involves the nearby Probate Court building, an addition that has seemingly sprung up from nowhere. Chastang's vision calls for demolishing the building rather than adding three more stories to the current structure, which is the current plan. Commissioner Stephen Nodine told the Press-Register last week that he would not support the demolition of the Probate Court building, a move that the editorial board thinks is a good one.
At this point, we believe the best move for the county is to continue with the three-story addition to the Probate Court building and restructure the condo deal to fall back on the original idea. We still want to see the condo built, but the county shouldn't pour upward of $100 million of public dollars into it. A private investor is the way to go.
The mock up drawings, however, are excellent, and the editorial board believes this beautiful condominium and water fountain will add something to our city that it has been lacking.
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