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TAXED OUT

WASHINGTON DC 03.09.2017

TYSONS 2017 UPDATE

Building America's Next Great City

David Cheek -- Meridian Group
Kevin Sheehan -- Greystar
Bill Hard -- LCOR
TAXED OUT
Just to be clear, Flynn Realty's mastermind Kevin Flynn is not too thrilled about recent tax increases. Nor the Navy Yard. Nor the local Philly government.
kevin flynn realty use occupancy tax philadelphia
And Kevin says he's not the only dissatisfied one out there. "I mean, we're going to have to put up a toll gate just for the people getting out [of Philly]," he quips. (Wait til he hears about the toll to get from Chestnut St to Walnut St.) Kevin's ire has been raised after a recent hike in the use and occupancy tax ($5.51 per $100 of assessed property value, a nearly dollar increase) as well as an 8% tax increase for property owners.

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Kevin was also highly critical of the government's incentive policy in the Navy Yard redevelopment. He was in talks to buy an unspecified property in Eastwick but may back out because he couldn't compete for tenants with the tax incentives being offered within Navy Yard's confines. "They just crucify you. I mean, you can't compete with the City of Philadelphia." For Kevin, his development activity has been focused as of late outside the city and in shale oil country in places like Wellsboro and Mansfield. And with no real economic improvement, Kevin says he'll stay up there for the time being. "I see no reason to look up. I see three or four years more of this."
Related Topics: Navy Yard, Kevin Flynn