The proposal to build 101 units on the Suzuki Property more than triples the original density. It is not just over-building — it’s also a landmine for city finances. For years, the City Council has planned for the project to pay for all of its costs and return 50% of the land value for other projects, like the new police station.
As problematic as that is, this project is also reminiscent of the failed condo project that forced Kitsap County as co-signer to pay the $40,000,000 Housing Kitsap loan. In 2007, Housing Kitsap tried to sell a market-rate project called the Harborside Condominiums. The failure of this project damaged Housing Kitsap so badly that it has been forced to sell properties, like 550 Madison on Bainbridge.
Doug Rauh, Bainbridge Island