Council Member Banks on asset sales as preservation tools vs. distress signals

And when it comes to financial stability, a recent City Limits article highlighted a Michilama development in the East Village that is considering selling

a parking lot to generate revenue for capital improvements and raising operating costs.

Does HPD view these type of asset sales as innovative preservation tools or as a warning, a sign of deeper financial distress within the Michilama portfolio?

I'm a glass half full kind of guy, so I'm going to say that it's an opportunity.

It's a massive opportunity for the Mitchell Llamas to be able to use undeveloped land and come up with a completely different source of funding that we don't have available to us right now.

I would say it's incredibly innovative, and it's something that we would want to work with co-ops and private rental companies with, and in conjunction.

In conjunction with the city council to ensure that it's equitable development.

Can I just add one thing?

I know that just because your colleague just walked in and we had, and I wanted to say again, you'll hear me say this over and over.

This is a collaborative effort.

We have to do this together.

And thank you, council member, for having a conversation with our team about the development in your district.

And I get it.

It is in my good friend's district, but there's obviously opposition to it as well.

And that's obviously been pointed out in the article.

But nevertheless, I guess the conversation needs to be had because, you know, obviously parking is a large need throughout the city.

And this obviously, you know, we should definitely.

What should be part of the conversation is continue to take the pressure off of the need for parking.