The Historic Gas Plant District is the most valuable public property St. Petersburg will ever own.
So why is the City negotiating a proposal that would pay approximately $275 million for the land while requiring taxpayers to spend approximately $300 million on infrastructure?
Two independent appraisals valued the property at approximately $390 million.
But that’s only the beginning.
The larger question is what this land could be worth after the City creates a great neighborhood with streets, parks, infrastructure, businesses, and housing.
Nearby downtown land recently sold for approximately $18 million per acre.
What could the Historic Gas Plant District eventually be worth?
Who should benefit from that value?
In the fourth article in my Vision. Control. Value. series, I argue that cities create value through planning—and that the citizens who own the land should benefit from the value their City creates.
Read the full article here:
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