Quote:
Originally Posted by Cashville
Honestly Louisville dodged a bullet with this one. Not only was the design poor but it was out of scale with what the market could support (even in a good economy). The office space would have been overpriced compared to the rest of downtown, and the condos werent needed since the only other luxury condo tower in town still hasnt sold all its units and it was complete almost 10 years ago.
Building this would have just hindered future projects downtown for the foreseeable future.
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We all have differing opinions over where the city dodged a bullet or not. I, for one, think we did not. Downtown is hungry for skyscraper growth (no significant skyscraper in nearly 20 years), and not everyone believes Museum Plaza was unattractive (I know it's hard to believe on this forum).
How do you know the office space would have been overpriced? And as far as being out of scale for offices, the class A vacancy rate downtown as of the 4th quarter of 2010 was just 6.7%. Downtown is hardly overrun w/vacant office space. And as for luxury condos, there are other smaller towers east and northeast of downtown. Waterfront Park Place is the only luxury condo tower downtown, but not the only one in the city.
And, in your opinion, a project shouldn't be too large that it hinders future projects in the city? That makes no sense to me. Don't develop too much at once because it would hinder future development? Doesn't development equal development no matter how much is done at once?