Regardless of the substance of this project, the key to long term economic growth is using available space. Even though nobody on this forum wants to hear it, you are better off having a parking lot than an abandoned building, as you are using the space and giving it value, even in the form of a parking lot. Even using half of this building and tearing the other half down is huge for the area. It is sad to see some of these buildings go, but that is the reality of it all.
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