Scottsdale Republic editor Chris Coppola includes in his New Year’s resolution suggestions at Number 5:
Development community: Resolve to take a deep breath before rushing forward with a slew of new proposals for apartment complexes. There are so many new projects on the books now that it would be nice to see a few more break ground and get built before a half-dozen more come to the City Council.
Unfortunately, Coppola missed his mark. He should have directed his advice to mayor Jim Lane and the anything-goes Chamber caucus on the City Council (including Dennis Robbins and Linda Milhaven). As long as ‘anything goes,’ the developers are going to keep bringing the projects forward for rubber stamping.
Entitlements for future height and density add tremendous value to the land, regardless of when construction financing may become available…and in many cases such entitlements have nothing to do with actual market demand.
Still, it’s good to see that Coppola has finally smelled the espresso.