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04-20-2013, 11:12 AM
  #819
Killion
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Quote:
Originally Posted by Whileee View Post
Interesting. Maybe that's why I never quite understood the big fuss about spending so much money to "save Westgate". To me, it just looked like a dozen bars and restaurants, a movie theater and a few small retail stores. I was puzzled how that collection of businesses could ever come close to support a $25 million annual subsidy to the Coyotes (via the CFD). I was also puzzled as to why the COG would commit over $300 million to preserve that small cluster of businesses.
Ya, the Sports Mecca & Shopping Strategy, following in the pattern of what urban planners & sociologists refer to as Edge Cities called for just over 8,000,000 sq ft of retail & commercial space. In 2006 when it opened, Phase 1, only 510,000 sq ft had been developed with Phase 2 never being implemented which would have added another 500,000+ sq ft to its overall footprint of app 230 acres. No idea where it sits now what with Tanger's new superstore however as that addition falls outside of the primary blueprints anyway rather moot. Ellman was being fined by the COG each & every month that he'd fallen behind of course, and unlike most major developments of this nature whereby its backed by heavy hitters & investors, Ellmans primary source of funding was Jerry Moyes, and of course he'd roped in Credit Suisse & iStar Financial. The former providing credit facilities to the tune of $500M, iStar I believe somewhere in the $200M range. I could carry on & on & go right back to the building of the UofP Stadium & the Bidwells etc, but you get the picture. Nowhere near what was planned, promised.

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