Study Supports Developer's Conclusions on Eschweiler Costs
Consultants hired to analyze Mandel Group's projected costs and return on investment in either preserving or demolishing historic buildings are about on target, they say. But that might not satisfy everyone.
A consultant's draft study, commissioned by the city, by and large supports the cost analysis presented by Mandel Group last year for a residential development on the campus of the historic Eschweiler Buildings. Essentially, the study concludes that preserving and rehabilitating the Eschweilers as part of the development would by economically infeasible for the developer, with a "financing gap" of $6.5 million. Demolishing all but one of the historic buildings and using only new construction for apartments, as Mandel has proposed, would be feasible, the study found – but still, only with some level of public financing assistance. The actual difference in total project costs with available financing between the two proposals is about $4.25 …
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5:30 pm on Thursday, January 10, 2013
Mr. Price, Who are these preservationists? Any attributions or quotes? more ›