Tuesday, May 11, 2010

Banks failure – not a single tenant yet

            The City, County and State have spent hundreds of millions of dolalrs in public subsidy for the Banks project in Cincinnati’s Riverfront,.  However, COAST noted this little diddy (that happened not to get a mention in the pages of the Enquirer) that showed that despite the massive public subsidy for the project, not a single tenant has signed onto the project yet. 
Maybe, just maybe, the for-profit marketplace knows a thing or two that bureaucrats and politicans do not about return on investment.

8 comments:

  1. A quote from the very article you linked to:

    "Christian Moerlein is scheduled to open a restaurant and brewery in that section of the banks development."

    Seems like there's one tenant to me.

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  2. CAAST,

    Actually that's in the Riverfront Park near the Banks, it's not the Banks itself. Second, they're "in talks" to do that. No lease or commitment has been made by either side.

    Cincinnati just pledged a large chuck of it's available bonding capacity for the trolley boondoggle. So now the park which was counting on some of that can't promise a finish date. Cincinnati can't sign Christian Moerlein without a start date on the lease.

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  3. The Morelein restaurant is under construction. Go down there and see it for yourself, unless you big tough sports bar dudes are afraid of the city art fags.

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  4. Provost hates gaysMay 13, 2010 at 2:57 PM

    The homophobic Provost chimes in with more hate speech once again. Reminds me of his homophobic jokes about the COAST Christmas Party. CAAST, how does it feel to have hate mongers on your streetcar junkie team?

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  5. The Moerlein Restaurant is not at the Banks dumbass.

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  6. I like how COAST rallies around anything that can be construed as a failure for the City. These are the people I want to get behind.

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  7. Ironically COAST shows an empty strip mall. How's that Kenwood project coming? And how are all the outlet malls going to fare when gas hits $5/gal?

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  8. Hey Handsome,

    The Kenwood fiasco is stopped deader than a door nail. But it's not taxpayers' problem. Private developers have their capital at risk.

    Care to discuss The Banks, where the public assumes the development risk, and Carter Dawson stands to reap the rewards? No private entity would have broken ground without at least 50% presales or at a minimum letters of intent. Their bankers wouldn't let them. Since we the people are bankrolling government, shouldn't we hold them to a similar standard?

    Not sure what planet you're buying gas on, but I just filled up in Vandalia for $2.51 a gallon. That's down 10 cents from a week ago, and down 10 more cents from the week before that.

    The cost of a gallon of gas and a gallon of milk have tracked each other pretty closely for the last 7 years. Gas has seen a little more price volatility, but the overall trend is inflationary, not emblematic of scarcity.

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