These buildings were recently given a reprieve from the wrecking ball when the financial crisis killed this project. It's a shame to say it, but I was very relieved, because this absolute monster would have gone up just a few feet away from this lesser monster. After the Escala was designed the city changed the codes to require smaller tower floorplates, so nothing like this could be built again, thank goodness. It looks okay standing alone, but what if another were right next to it, or right behind it? Who thinks things like this are a good idea? Who thinks they will retain value? Most developers don't care; they build it, sell it, and go to the next project. There is no long-term investment on their part. Why people buy it is beyond me; I don't see it as a good investment or as a good quality of life.
The last I heard one of the development partners on the Heron and Pagoda went bankrupt and one or more of these old buildings were going to be auctioned in June. I haven't seen anything to confirm that; there's no sign of new ownership. It's even possible the plan is still on and waiting for the right market conditions in 2011 or 2012. What's really bad is that code still allows these monstrous twin towers on huge podiums, which are even worse than the Escala that couldn't be built now.
If these old buildings were for sale, the people at the Escala would be smart to buy them and resell them as is, while retaining the air rights. They keep space and views, rather than having an even taller monster 18 feet from their balconies, and we get to keep some nice old building stock and good streetwall fabric that can still be put to very good use. We also avoid a new monster. In the meantime most of the storefronts are still vacant, and will be for some time to come if the Heron and Pagoda is still viable. Hairy people with dogs sleep in the doorways, scrawl "beer" in garish yellow paint, draw disturbing vignettes, and make pretty paper manikins to guard their sleep and their possessions. The MID Downtown Ambassadors politely roust them out in the morning, so genteel people can walk to work without seeing sleeping people and dogs. Except they don't wake them until closer to 9:00 am - so it's more for the benefit of the Monorail tourists, I suppose. Please save these buildings and put some life in them again.
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