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Wednesday, November 11, 2009

'Economic development' seduces, abandons: A Pfizer story

One of the casualties of the Pfizer-Wyeth merger is Pfizer's research center in downtown New London, Conn., set for closure. Seems a waste: 

Not only did Pfizer spend millions building the place; government officials also invested heavily in forcing reluctant residents to sell their waterfront properties. The city fought a case to establish government's right to "eminent domain" property seizures all the way to the U.S. Supreme Court, arguing that the community value of having Pfizer downtown outweighed private property rights. They won, but now they didn't; and it's all so expensive.

Pharmalot.com lays out the struggle here, citing news accounts from the New London Day, Hartford Courant and Wall St. Journal (via Villanova University).

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Posted by Joseph N. DiStefano @ 11:33 AM  Permalink | Post a comment
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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