Jekyll Island and Trammell Crow
Trammell Crow Company's getting much grief today for a $10-million tax break it's receiving to build a $90-mil hotel-and-condo project. It sounds so familiar, only, it's not in Dallas (this time), but outside Atlanta -- on Jekyll Island, a Georgia state park that contains some of the hottest property in the state, beach fronts being so very valuable. Says one of the Jekyll Island authority board members, the Trammell Crow incentives amount to "a sweetheart deal" and are "fiscally irresponsible," as they could mean other developers will get the same breaks as the Dallas-based company and potentially "hinder the state park's ability to fix its historic district or renourish its beaches."
As for Trammell Crow's position, well, senior managing director J.D. Dell says building on the island's "risky." Because, yeah, who likes beaches? In the words of one contributor to the AJC's blog: "Jekyll was designed as a state park for the 'plain' people. The rich folks can go anywhere." Especially anywhere they're getting $10 million off the manufacturer's suggested retail price. --Robert Wilonsky
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