Quote Originally Posted by mikeg19 View Post
Actually it would seem that there is a fairly substantial demand for this. When you have 8, 10, 12 month wait lists to live in downtown & midtown, I'd say that's a fair measuring stick on what people want and is achievable. A 18-20 story building is most likely appropriate for the site. 30 Would be quite ambitious I'd think, and I'm not sold on the extra hotel space seeing as we have another hotel opening in the David Whitney shortly. I don't think were going to be seeing any 55 story towers being erected anytime soon, but growth is happening, and eventually buildings to rehab are going to run-out in downtown and midtown. Do you think Illitch would build a new entertainment, retail, sports, hotel, office complex for $650M if he didn't think there would be a return on investment? I doubt it. Gilbert knows what he's doing, and he has a track record. Until something blows up in his face, I'll continue to believe what he says.
I'm with you with everything but the illitch issue. He thinks 650 million is a good investment if the tax payer helps foot the bill.