Wow. Is it possible that rehabilitation of the G.C. Murphy's building will go off without government subsidies? It should, now that a few developers have revealed plans that, apparently, do not involve feeding at the public trough. Really, that's what they said. The fellows in question are Jack Piatt and Ralph Falbo. According to today's Post-Gazette:
[Piatt] confirmed yesterday that he intends to present a "pretty comprehensive package" to Mayor Bob O'Connor within a couple of weeks to redo the Murphy's building and other properties in the corridor.
...In addition, Washington, D.C., developer Madison Marquette, in partnership with Montgomery County residential builder Toll Brothers, has been working for some time on a $50 million to $60 million proposal that involves Murphy's and other Urban Redevelopment Authority-owned properties in the corridor.
... One of the things that concerns [O'Connor] about the Madison Marquette plan is the $24 million in public subsidies the developer is seeking. As part of his plan, Mr. Falbo said there may be a need for public money to make street improvements but nothing as high as $24 million.
Mr. Piatt said he certainly would avail himself of whatever public subsidies are available, but that they are not part of his budgeting.
Well, if he's not asking, let's see if the folks who run this city can resist offering. That might be tougher than it sounds. By offering subsidies, they earn the right to claim more credit for the city's "revitalization."
Not that any of these people epitomize the laissez-faire ideal. Remember, Piatt accepted a few million for the Lazarus project. Still, this seems a lot more palatable than the project that would require $24 million to subsidize the lifestyles of people who are already doing pretty well for themselves.
Mayor O'Connor deserves credit for throwing this open to at least some form of competition by refusing to give Madison Marquette exclusive rights to the property. Now--follow through.
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