The latest trend in New York City – Schools and Libraries in need of renovation are instead offering the land they sit on to developers. The developers bid on the land with the understanding that they can build a high-rise and lease or sell apartment units on the upper floors (consistent with zoning, of course), but the lower floors are to be dedicated for continued public use. The extra dollars are used to renovate facilities at other locations.
In this humble Prophet’s opinion, this is a win-win and a great use of land. The City gets upgraded public facilities at no cost, new housing and new ratables. The developers get to build in tony neighborhoods in otherwise unavailable locations.
Neighborhood advocates argue that some classic architecture will be lost. And while this is true, not every old building is historic or classic. Many of them are just old.
So what do you think? Good idea or crime against humanity?