That was quick. Hours after the story broke that city of Charlotte officials were contemplating buying Eastland Mall for $40m. — wham — comes word that the purchase price might be $50m. I didn’t know hyper-inflation had set in already.
Seriously, city staff is just grasping at straws with a rationale and a price point for the city buying this hulk. I also detect more than a little misdirection here. City ownership of Eastland is being set up as the Nutty Uncle option in order to make a massive city subsidy of redevelopment look sane. How massive? Another $100m. would not surprise. In fact, let me give you the big picture.
City staff is bound and determined to scrape together enough tax money to start work on a streetcar leg on Elizabeth Ave. near the hospital. At the same time, some big, dreamy scheme for New East (formerly Eastland) will be unveiled, possibly with a large tax increment financed subsidy. From there is would only be natural to “leverage” the two undertakings into one, via a couple hundred million dollars worth of streetcar up Central Ave. Recall this tinker-toy, mix-and-match approach underlies the billion-dollar Northeast light rail extension, with UNCC at one end and the Yada-Yada Institute’s $45m. Jim Black Building at the other.
Zooming out further than, we see nothing less than $2b. worth of local capital and infrastructure spending the local gnomes have already penciled in without any real way for the public to resist the plans. Going once, going twice — gone!
