It’s that time again for the regular feature we like to call REDEW: the Random Economic Development Email of the Week. Which is exactly what it sounds like…me talking about random emails that I receive that have something to do with economic development. Now, usually these REDEWs center around emails that I receive from various listservs and mailing lists that I somehow get added to. But this week I’m pleased to present an actual email sent from a real person to me. How could that be random, you ask? Well, just wait to read it. And by it, I mean the “Weekly REDEW: Putting Art at IKEA.”
I feel bad for the downtown Seattle Art Museum. How were they supposed to know that the oldest bank in town was going to crumble under the weight of subprime mortgages that everyone thought would never lose value? But that’s exactly what happened. When Washington Mutual collapsed, the museum lost $5.8 million in annual rent that was supposed to go toward the $65 million debt it incurred when it build its new space.
Here’s the thing: I’m sure that a lot of real estate projects, bankers and many others have learned some lessons over the past few years, but one of them that I don’t want them to learn is that museums don’t belong in the urban core. Which is sort of the sense you get from this article. Read the rest of this entry »