iStar is saying they cannot develop the Wayfarer project without tax breaks. Apparently two 15-story towers on beachfront property that’s a stones throw away from the LIRR is unprofitable (their partner Avalon thinks so too?). Correct me if I’m wrong, but didn’t iStar initially say they had to make them 15 stories high to pull a profit in the first place? (read – Another Reader-Submitted Zoning Board letter re Superblock [Guest Post])
Ok… whatever… so let’s pretend, if we offered iStar 3 more stories per tower, they wouldn’t need any tax breaks. Would you go for that? It’s a vote for the lesser of two evils! PLEASE NOTE: THIS IS NOT ACTUALLY HAPPENING IN REAL LIFE!
-Give iStar their freak’n’ PILOT (25 year tax break)
Allow them to add 3 extra stories per tower, making it ‘allegedly’ profitable. No PILOT needed (15+3=18 stories total)