GRAND PARKWAY SPRAWL STIMULUS “The road exemplifies an unintended effect of the stimulus law: an administration that opposes suburban sprawl is giving money to states for projects that are almost certain to exacerbate it. A new master-planned community called Bridgeland is rising on the prairie along the proposed site of the road; once completed, the development is expected to have 21,000 new homes on 11,400 acres. Other developers are eagerly awaiting the new road so they can start building on their empty land, too. . . . [Roger H. Hord, the president of the West Houston Association] pointed out that the road would connect two existing highways and said it would ease congestion on some of Houston’s other beltways. He said that an existing leg of the Grand Parkway, just to the south of the proposed leg, would give a sense of what the new stretch of the Grand Parkway might look like when it is done. The existing stretch is lined with strip malls and gas stations and drug stores and a huge 7,600-acre residential development called Cinco Ranch that is popular with families.” [New York Times]
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I am a very small Custom Homebuilder in the Greater Houston Area. I am as most small builders struggling to stay alive in an economy that quite frankly is worse than that which we had in the 80’s downturn.
I am however incensed with both the federal government, TxDot and the near bankrupt developers of Bridgeland as well as any other Developer with property on or near the propose Grand Parkway segment from I-10 to 290. The Economic Stimulus Plan was legislated to provide funds for “Shovel Ready” infrastructure projects, in order to help create the one thing which will ultimately bring this country’s economy from the brink. Shovel Ready means by the Public and Political definitions ascribed by the media, as ready to start construction within the next 6-9 months, not provide Engineering Consultancy and Right of way acquisition for 1-2 years.
The Grand Parkway should and will get built eventually, but it should not be done with Stimulus Plan funds when it will not even serve the purpose the Plan was passed for. It is time that the politics of this country are used for the benefit of all in this country and not a few.
Not to worry. This will be a road to nowhere. Real estate prices will continue dropping and sales will be of foreclosures. The developers up there will die like the rest that we see in the headlines. The just don’t get it yet and think the housing bubble can be reflated.
My advice to Wayne is to go into renovations.
gee mike, a follower of dr doom. i am sure there is a funeral home you can visit nearby and share some happy thoughts there.
I bear Wayne no ill will, but our economy has changed dramatically and possibly permanently. The house-building boom was fueled by easy credit. That is gone except for those who don’t need it. It will not return for a long time. And then there’s the job market…
Actually, I am a fan of Marc Faber who was Dr. Doom before Roubini. You can find interviews of him on Bloomberg and CNBC.