QUESTION
Whitestone Lanes Rezoning: Question Regarding if the Project Can Be Built Without a 421A Tax Abatement
1:24:19
·
86 sec
A council member asks Erik Palatnik if the project can be built without a 421A tax abatement.
Erik Palatnik states that this is possible and shares additional context and caveats.
Speaker 1
1:24:19
So my last question is, you mentioned shovel ready.
1:24:23
Yes.
1:24:23
So you guys are willing and able to build this without a tax abatement like 421A.
Speaker 17
1:24:30
The project can be built without a 421A.
1:24:33
The margins are close, but the project can be built.
1:24:36
Not just that, there's been a substantial amount of developers that the owner started to talk to.
1:24:41
Have expressed interest in building in the current climate if the price is right and the owner has it understands where he's at right now with that.
1:24:51
I will say that that's that's barely tenable.
1:24:54
And I think you know that, obviously.
1:24:55
There's been very I think Concord, New Hampshire pulled more building permits last year than New York.
1:25:00
New York City did.
1:25:01
So we know we're in a slump.
1:25:04
He couldn't be more anxious to go.
1:25:06
Could the bowling alley, by the way, just if you've been following the daily news stories, the polling alley is done.
1:25:12
They'll tell you they don't have much business.
1:25:14
COVID put whatever now in the coffin that could be put in.
1:25:17
It's an iconic place.
1:25:18
So he doesn't have any way to make a living right now.
1:25:20
So this project moving forward in one way shape or form, whether it's financially tenable as a residential rezoning, which would help solve the city's housing crisis or whether he sells it to Wildflower Across the Street to build another distribution facility, he doesn't have This man is in a fix.
1:25:35
He has to do something just nobody goes bowling anymore.
1:25:38
So if you wanna go bowling, he'll keep the bowling guy, but nobody nobody really goes anymore.
1:25:43
Thank you.
Speaker 1
1:25:44
Alright.
1:25:44
Thank you, Eric.
