2 thoughts on “Despite Incentives, Developer Says Costs Force Cancellation of Downtown Project

  1. I just saw this ‘proposed plan’. In my opinion it’s hideously improper for its closeness to City Hall, San Fernando Cathedral, The Spanish Governor’s Palace, and Main Plaza. It looms too large and reminds me of the character Godzilla approaching a people dotted area. The conversion of the Tobin Aerial building is one thing, a building long there and while taller than most anything there, it has been there for a very long time. Other structures are relatively similar in scope. Please, not this monstrosity!

  2. Not mentioned is the net return expected for the project. The cost is only part of the equation to determine profit and financial feasibility. Maybe the land component was too high. Or maybe the costs did not justify additional rent. Sometimes people want a higher profit than what exists in the market. As other projects continue to be built, there are obviously feasible housing development options. Particularly if public subsidies are involved. Not all projects are good ones.

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