The AntiPlanner has an update on the New London, CT development that spawned the notorious Kelo case. In short, they tore Ms. Kelo's house down against her will, and then the whole development deal fell through. The city now has a nice vacant lot.
Having spent at least $78 million on the Fort Trumbull project, the city had awarded development rights to a company named Corcoran Jennison, which planned to build a hotel, an office complex, and more than 100 upscale housing units. The developer had until November, 2007, to obtain financing.
When that deadline lapsed, it received an extension to May 29, 2008. In desperation, the developer sought an FHA loan of $11.5 million. When that didn’t work and May 29 came and went, New London revoked the agreement.
Posted on November 17, 2008 at 10:53 AM | Permalink
"The city now has a nice vacant lot."
A 90-acre vacant lot...only 2 acres of which were owned by Kelo and her neighbors.
Posted by: JRoss | Nov 18, 2008 7:29:49 AM
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