"It must be remembered that there is nothing more difficult to plan, more doubtful of success, nor more dangerous to manage, than the creation of a new system. For the initiator has the enmity of all who would profit by the preservation of the old institutions and merely lukewarm defenders in those who would gain by the new ones." Machiavelli
State Cutting Funds for Javits ExpansionBy DIA, Section News
Perhaps the coming economic crisis will be what kills the Albany Convention Center. In NYC they are cutting back on the convention center plans.
After floating a number of multibillion-dollar plans to expand the Javits Convention Center, the state’s economic development agency is considering a drastically scaled-down version that would renovate the existing building without creating any more exhibit space, according to individuals briefed on the plan.If that is how they are getting treated "down south" then there may be hope for Albany not getting stuck with a money losing convention center that we the albany taxpayers would be funding for years. Another interesting point is that in addition to the residential housing market taking a beating these days across the country, the commerical market is now starting to tank. Typically commercial real estate lags residential around 6 months. At this point NYC is way overbuilt with many more projects in the works. And now the money is drying up. Real estate deals are coming apart at the fastest pace since September 2001, when the U.S. economy was shrinking, because banks are tightening standards for loans, said Robert White, president of Real Capital Analytics, a New York-based research firm.So, the money may not be there for many of the big projects currently proposed downtown. I realize that we are the "capital city of one of the worlds largest economies" and thus we are unlikely to be affected. Don't bet on it.
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