Folks, look at this picture. This density with 651 rental units wouldn’t even be allowed downtown much less on the beach. Nightmare scenario. 1. Where are 651 renters coming from? They will never find 651 renters for this project. 2. Rents will be so high no one can afford. 3. Any one who works and commutes will not live on the barrier island and wait for bridge everyday. There is not enough parking for 2 car households. 4. Young people can not afford. Affluent will prefer to buy not rent. 5. Project will take 10 years to build. People will not want to live in construction zone for that time. 6. People won’t want to live around congestion of boat show 6 weeks of every year. There will not be enough parking for renters and visitors. 7. People won’t want to live where they have to evacuate for days for hurricanes every year. 8. Developer’s cost per unit for construction, maintenance fees, taxes, insurance and interest will require monthly rent of over $10,000 to break even. 9. Vacancy rates will bankrupt Project before it is even completed. 10. Who owns this FIASCO? The City Taxpayers! 11. The Developer/Landlord is the Tenent who leases property from the City. Since Developer/Landlord is actually the tenent the renters are actually subleasing. 12. If renter doesn’t pay rent, the City will be one to have to evict when Landlord goes bankrupt. 13. Unoccupied buildings will become ghost town. Unoccupied and unfinished, buildings will become subsidized housing or will be torn down. 14. Excess supply will undermine Rental and Sales prices of other property owners on the barrier island. Developer, Planning and Zoning Commisioners, City Planning Staff, Mayor and City Commissioners are in an egotistic dream world of ignorance, political payoffs, job preservation and delusion. They are enamored by neat, pretty colored artists’ renderings that bear no resemblance to reality.