Friday, February 17, 2006

Downtown Condo Craze Reaches Former Superfund Site

After pouring over all the evidence, I've concluded that the whole Sacramento housing bubble thing is a myth. In a "balanced" market it is perfectly normal to want to build a condo tower overlooking a former Superfund site. That happens all the time in a "normal" market. From the Sacramento Bee:

A year ago, the city of Sacramento asked for proposals from groups interested in rehabilitating the old PG&E electric plant on the waterfront just north of Old Sacramento. But what the city embraced this week is far different than originally envisioned.The City Council unanimously endorsed Tuesday a proposal by home-building giant D.R. Horton to erect high-rise condominiums next to the power plant.... "When I'm done with elected life, I may want to come and live there," said Councilwoman Lauren Hammond...

The cost of renovating the power plant was estimated in 2000 at $6.5 million, a price tag that has surely risen. But it would have been much higher if the state and federal governments hadn't already spent $5.2 million to clean up the former Superfund site.

No comments: