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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, which is printed in the business pages of The Philadelphia Inquirer every Sunday, Tuesday, Wednesday, Thursday and Friday. Joe has worked at the Inquirer, mostly, since 1988. He has also written for Bloomberg and Gannett, authored the book Comcasted, majored in economics at Penn, and fathered six children. Reach Joe at 215-854-5194 and JoeD@phillynews.com

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