Wednesday, January 12, 2011

Lenders are lending again. Could Square 2986 get back on track?

Foulger-Pratt's constant assertion that Wal-Mart is the only feasible project for the Curtis Chevrolet site in the face of the current economic climate is torn apart quite nicely by Richard Layman here. He also points us toward a piece in a commercial real estate trade publication that says the commercial mortgage backed securities financing market is bouncing back. This could help to make the case for a development on the old Curtis Chevrolet lot that is in better harmony with the Great Streets Redevelopment Plan for Upper Georgia Avenue. The Office of Planning's vision for that land is to "create a walkable, multi-modal neighborhood center that offers superior retail and housing choices within a vibrant public realm," -- a vision that just isn't supported by the current proposal. If lenders really are getting back into risk-taking mode, I hope that will enable the developer to get back in sync with the Office of Planning's vision, before a 75-year lease is signed that would prevent the Georgia/Missouri Avenue segment of the Great Streets plan from coming to fruition.

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