| How it is, and how it might be: Googlemaps screengrab compared with the developer's concept. You might be able to access the plans here if the paywall doesn't kick in. |
FRDBI's chief concern is with the relatively high density of proposed development. As I commented on a report in this morning's Galveston Daily News (paywalled), my immediate concern was the potential future impacts of Biggert-Waters, aka the Flood Insurance Reform Act of 2012. Here we are moaning and wailing about how Biggert-Waters will catastrophically destroy real estate values in vulnerable areas, and yet at the same time, League City is entertaining a development proposal that, at first glance, puts a lot of real assets on or near grade in what appears to be a vulnerable area. One of the most comprehensive local news reports (paywalled?) concerned the financial impacts of Biggert-Waters on the City of Nassau Bay. Well, you could practically hit Nassau Bay with a rock from Beacon Island. Would a lot of Beacon Island's improvements as proposed still be insurable four years from now after we get done with the delays and political obscurations surrounding Biggert-Waters? The answer to that remains to be seen, but it's an important consideration for the viability of the development.
| Sooner or later, waterfront homeowners are going to have to pay the federal piper, and they're going to be paying a lot. Cute graphic screengrabbed from this site. |
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