Last Sunday, The Sun ran a story on the revitalization efforts in Johnston Square ("Is this house worth $475K?" June 19). As executive director of Mi Casa, Inc., the not-for-profit developer for this project, I believe the development on Preston Street makes sense for taxpayers of Baltimore and Johnston Square.
This neighborhood is at the hub of Station North, Mount Vernon, downtown, Fells Point and the East Baltimore Development Initiative. It is a linchpin in the long term development of near east Baltimore that could reinvigorate commercial activity.
Mi Casa, Inc. has secured over 75 percent of the financing from non-city sources including federal grants and private lenders. By partnering with Mi Casa, the city is leveraging the limited resources invested in this project. There is greater value realized when these investments are weighed against the costs of blight to the neighborhood and the city at large.
When analyzing the costs of the project, it is important to understand that these are large, historic buildings that have long been vacant. The budgeted costs per square foot are reasonable, and claims that this project could be developed at $75 per square foot are unfounded. This project will provide homes for low- and moderate-income working families, but building substandard housing is not a viable solution.
Finally, this project will fulfill a long-deferred promise to residents who remain committed to their community. Many Baltimore neighborhoods have been revitalized with public investment. Johnston Square neighbors deserve to see their tax dollars at work too.
Fernando Lemos, Washington, D.C.