Take a moment to consider the import of this paragraph, from Ted Nesi’s report of the opening of a new combination URI/RIC nursing center and Brown University administrative center in Providence:
“This was a power plant across the street from the vibrant Jewelry District,” [Democrat Governor Gina Raimondo] said. “The economy is changing, and we’re not standing still. We’re changing with it. The New York Times just called this area, quote, ‘a busy hive of invention and collaboration.’ And so we’re changing the narrative of our whole state.”
In the past… the private market made Rhode Island a hub for a particular industry. Now… the government collects $85 million from productive areas of the state’s economy to renovate a building vacated as the economic tide went out from the Ocean State and use it for bells and whistles at government-run universities and a wealthy tax-exempt non-profit.
Honestly, I don’t want to sound that cynical, but come on. Now throw this into the mix:
The developer of South Street Landing was CV Properties LLC, a Boston-based firm led by Dick Galvin. Earlier this year, real-estate company Ventas Inc. paid nearly $130 million to buy the facility and a new 750-space parking garage being constructed next door from Blackstone Group LP. Ventas is the parent company of Wexford Science + Technology LLC, the developer building a high-profile innovation campus on the vacant 195 land in the same part of the city.
As I mentioned when I detailed the suspicious interconnections of the bigger Wexford deal, Ventas CEO Debra Cafaro and her husband are substantial Raimondo donors, located in the governor’s notable fundraising hot spot of Chicago.
Yeah, for the general public, renovated buildings make for nicer scenery than abandoned ones, but that doesn’t mean we should accept the surface story every time politicians proclaim the advance of public-sector-focused crony deals. Somebody’s got to lose out, and we can be reasonably certain that it’s us.