Trouble is that if the property truly had viable economic potential, private developers would have been waiting in line to begin the development.  So the experts have spoken with the opinion that development has limited economic viability - even though some in the city may have great thoughts about the area.  So now the city with no personnel experienced in the art of economically viable development will run the show.  Stand by for years of shoveling money into this new pit.  It might have been better to let economic reality work wonders with development occurring when cost factors had dropped to viable levels.