Malls, Walmarts, and Stadiums: How Cities Are Shackled to Big Projects

Malls, Walmarts, and Stadiums: How Cities Are Shackled to Big Projects


From Forbes 11 October 2911
By Mark Bergen
"In 2002, Robert Congel, a real-estate developer from Syracuse, set out to “change the world.” He announced his plans for DestiNY USA, a colossal “retail city” in his hometown that would become “the No. 1 tourist destination in America.” It would also, he declared, two years later, be powered exclusively by renewable energy, a green credential that helped secure significant bond financing orchestrated by then Sen. Hillary Clinton. “On every level this project astound,” she said, in 2004.

DestiNY slowly morphed into Destiny, and the project quickly stalled. One political scandal, several hiccups, multiple tax breaks, and a $27 million lawsuit later, the project has hardly left the ground floor. If Clinton had won the presidency, this would be her Solyndra. Of course, investments in green energy programs, like Solyndra, overwhelming bring worthwhile social benefits. Investments in gigantic development projects, like the Syracuse mall—as research shows over and over again—simply do not."
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