|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.