Development proposals for SPURA are due in January, and the Lowline creators are hoping that the project will bring more momentum to their underground park. The Journal reports that Dan Barasch and James Ramsey have, finally, prepared more financial information about the Lowline, and they believe that the futuristic green space could really boost SPURA's real estate values. By their calculations, the park could increase the land values of some SPURA sites by as much as $10 to $20 million and "create between $5 million and $10 million in sales, hotel and real-estate taxes over 30 years based on a net-present-value basis."
HR&A Advisors consultants worked with Ramsey and Barasch to create the financial summary, which also says that the Lowline could cost between $44 and $72 million (significantly less than the High Line cost). The creators seek to raise $55 million, in addition to between $7 and $14 million in tax credits from the city. The park would need an operating budget of $2 to $4 million, and the summary says that the park hopes to be self-sufficient, earning revenue through events like festivals and public art performances. But the MTA says the underground terminal has "serious operational constraints," so the Lowline may not even happen.
· Neighborhood Boost Seen From the Lowline [WSJ]
· Lowline coverage [Curbed]