by J. Brooks Terry
Staff Writer
City Council president Lad Daniels said new Landing owner Toney Sleiman should be prepared to “take a risk” before completely overhauling the struggling downtown venue. However, Daniels added, Sleiman’s reputation might help loosen the City’s purse strings when the local developer asks for City assistance.
At a recent meeting with Sleiman, Daniels discussed Sleiman’s multi-phase, multi-million dollar vision and what role the City should play in its redevelopment.
In August, Sleiman purchased the Landing from the Rouse Company for $5 million. In the months following he released plans to incorporate more office, retail and residential components, over the next few years at a cost likely to exceed $200 million.
Sleiman hasn’t officially asked for City-issued incentives or low interest loans but, Daniels said, with or without them, Sleiman should be prepared share the burden.
“We have to be careful in terms of the total project,” he said, adding he favored Sleiman’s mixed-usage plans. “[Sleiman] has a lot of financial strength and that says a lot about his abilities. However, we don’t want to give him some money in the beginning and let him think of it as being a down payment for more money later. It shouldn’t work like that.
“Hopefully, it will be a success from the get-go and he’ll be able to reap those rewards to the point where he won’t need us as the project continues into other stages of development.”
However, Daniels said the City and Sleiman — a “local commodity” — should see “eye to eye” with respect to low interest loans or tax breaks for parking development.
“There’s no question about that. It’s a no-brainer,” he said. “The Landing is never going to work without parking and we should be prepared to meet that obligation. It’s an essential part of the package.”
Daniels added the City should also help in improving and updating infrastructure and utilities at the Landing after a proper assessment has been made.
“We’ll have to see what kind of work needs to be done before we can really say either way,” he said. “But I do think it will be necessary for us to help him get started.”
Daniels added Sleiman’s successful track record with other developments in the state will help persuade the City to cooperate when he makes his official request in the near future.
“Toney has a strong following and he is well known among the retailers we’ll need down there,” said Daniels. “You need somebody like that who understands business and real estate like he does.
“And I also really like the idea of local ownership. I feel most confident about Toney and his plans because he’s a part of this community and he does not want this to fail.”