Redistribution In Reverse

I  don't know how I overlooked this proposed renovation.  This is bigger than the pyramid project. Then again I do. Your view of this city and it's events depend on where you get your news from. Since I have been keeping abreast of the happenings of what I call the regentrification of Memphis. As much as I read I should have caught this.

This building has been vacant for over twenty years. It's older than the Mall of Memphis was. Why hasn't this eyesore been demolished by now?  Because this isn't a new idea. Even if it is  referred to as Crosstown. It's still part of what I call "Center City" redevelopment. It's just on  the left/right side of Poplar. Depending on where you're coming from.

How could I ever forget the smell of freshly cooked Spanish peanuts coming from the nut shop, in the basement of Sears? And looking at the new bicycles and showing my mom which one I wanted for Christmas every time we went to the store. The aroma of steamed onions coming from the Krystals across the street, kept the dining room full before they had a drive-thru. The Sears catalogue was my favorite book. I studied it like it was a weekly reader. My first long trip across town without a chaperon was to Sears.  I rode the 31 Crosstown bus that dropped me off at the front door. Reminiscing brings back fond memories of better days.

I wonder who owns this building anyway?  Someone has been paying taxes on an empty building for over twenty years. If not it belongs to the city. Is this another Chisca Hotel deal? Where  the city pays the investor to take a risk. The investors make $2 1/2 million just for buying the building.  Before  a nail is hammered or one board is cut. The  project has already turned a profit. If the economy improves, they  stand to make a fortune.If it doesn't, they can file bankruptcy. Since the poor citizens will pay for this in the form of taxes. It amounts to wealth redistribution in reverse.