PA weighs $45 million grant for Blatstein's new hotel
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PA weighs $45 million grant for Blatstein's new hotel
Joseph N. DiStefano
Pennsylvania legislators will weigh plans to give developer Bart Blatstein $45 million for a new hotel-mixed-use project near his Piazza at Schmidt's development in Philadelpha, along with more than $1. 2 billion in additional private adn public projects at the Navy Yard, development in the Art Museum area, Holy Family College, and many other places in Pennsylvania, if they can raise matching funds elsewhere, in Capital Budget House Bill 2291, read more here.
Comments (14)
1.2bil?! Let's take a chunk and extend the Broad St Line to the Naval Yard.— BarryG- Guess the "market" and "capitalism" isn't all it cracked up to be, since for all their bluster and bloviation, "entrepreneurs" and "business" keep coming back to the public trough for everything from financing to bailouts.— CiceroSpuriousDeodatus
Comment removed.- Does Blatstein know that the term "piazza" in English mainly refers to Nabokov's "Lolita" and the phony artsiness of the title character's clueless witch of a mother?
- The rich get richer and the poor and middle class continue to struggle.— flamingo
- this is so WRONG
- Comment removed.
Geez, and here I thought the Commonwealth was broke and laying off healthcare workers and correctional officers. I'm sure Ballard Spahr will get a cut of most of this action via all of the legal work necessary to ensure the taxpayers come out ahead. Ha Ha Ha!!!- These are long term investments made by the state... it is impossible for a company to succeed without reinvesting money back into the machine. These investments will be repaid with a very high profit margin through the additional tax money generated by the projects.— skosloski
- The Commonwealth has been "investing" in these schemes for years. LAst time I checked corporate tax receipts were on a long downward spiral.
- These types of grants are typically repaid in about 5 years through increased taxes- after 5 years everything else is gravy. If corporate tax receipts are down, that does not mean that these grants are a bust. It just simply means that they are less of a success then when the corporate tax receipts were higher.— skosloski
- Also, corporate tax receipts are only one part of the equation- you also have to factor in property taxes, sales tax, income tax for construction workers and permanent employees, etc.— skosloski
- You would not believe how many "pet projects" of various state legislators are in this. Why are taxpayers funding private developments? On page 118, there is an allocation of $20 million slipped into the budget by Rep. Mike Gerber for his good friend, Albert Greenfield lll. The money is allocated to build a private "playground for the rich". Designed for those wanting a second or third home. Spa, anyone! Only $800 a day. Friendship is more important than what is good for Pennsylvania.— Tim.J
- THERE IS NO DEMAND FOR HOTEL IN NORTHERN LIBERTIES! COME ON!— hotelguy
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Joseph N. DiStefano blogs about the latest news in the Philadelphia business community and elsewhere. Contact him at 215-854-5194.
Reach Joseph N. at JoeD@phillynews.com.
Joseph N. DiStefano
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