Despite the best efforts of Senator Anthony Petruccelli and Representative Carlo Basile to prompt Roseland Properties into developing East Boston’s valuable Pier 1 as promised, there is not going to be much movement at the present time.
Roseland Properties is facing what every development business in the nation is up against – a banking system that is more willing and inclined to make multi-million dollar bonus payments to its employees than to lend $60 million for a waterfront project that would employ hundreds and generate millions in new taxes and business.
If there is something wrong with America – this is it in a nutshell.
Roseland is not hedging its bet.
Roseland is not stalling to gain an edge financially.
The banks hold the key to the development of Pier 1.
The Federal Government could provide $60 million of TARP funds that might be money well spent to get the development of residential and commercial space up and running.
But this isn’t going to happen.
Forcing Roseland to give up the property or threatening to take it from them because it hasn’t yet been developed doesn’t scare the managers at the company.
Because at the present time there isn’t a single bank in all of New England that would lend Roseland or anyone else the money necessary to develop Pier 1.
Someday, Pier 1 will be developed.
That day is not near – not until the banks are willing to lend money again and to lead the economic recovery instead of giving hundreds of millions in bonuses to its employees and excluding business from funding.