Democratic South Bend Mayor Stephen Luecke, (a Graham Richard fan and copy cat) is moving ahead with plans for at least 10 condos on the riverfront in South Bend. The 11 condominiums would sell for between $400,000 and $450,000. Holy-dumbocrat Batman! The city is selling the land $150,000. It was appraised at $337,500 in 2005.
With Fort Wayne’s condo project looming on the edge of failure, and Indianapolis having one recently bite the dust, you’d think he would know better.
Downtown Indianapolis luxury condos grind to halt
Construction has stopped on a luxury condo project in Downtown Indianapolis called 707 East North Street, where none of the high-priced units have been sold.
Construction “is on hold for right now,” Massachusetts Avenue Developers said Monday. The developer said it’s in discussions with its lender over the building’s fate. Groundbreaking occurred 18 months ago.
[…]
The building is designed to hold 10 to 17 units, depending on buyer demand, but none have been sold since construction began in December 2006.
The writing is on the wall. The democrats must not be able to read. This has nothing to do with Indiana, it’s happening all over the country. Just what will the city do with the empty space left from The Harrison? Maybe Pat White will get his wish for a water park?
AWB
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It is simply remarkable that in the name of “economic development” or “downtown development” we justify using public funds to subsidize luxury housing for the very wealthy. I question the morality of many forced income redistribution programs; I have no question that the reverse Robin Hood games like this are obscenely immoral.