Monday, August 25, 2008

65th Place

So what's up with the work stoppage on 65th Place?

The three buildings on the south west corner are mostly completed but haven't been finished. As a matter of fact, I haven't seen anyone on the worksite for months.

And while we're on the subject, not only hasn't Living Green lofts broke ground, but it's website has gone MIA. Oddly enough, a random listing or two can be found if you poke around searching real estate listings.

Everything seemed so promising just a scant year ago.

I believe that developers are feeling the heat from this real estate downturn. They very well may not be able to afford to finish and market new construction.

What ever the case, it would be nice if the buildings could be completed so they don't attract the wrong element.

That's all we need----higher end abandoned buidlings.


The North Coast said...

I think you put your finger on it.. they probably lost their financing.

Projects are being cancelled allover, often while under construction.

And it will get worse, not better, in coming months. There is another $500 billion wave of mortgage resets coming, and analysts say these will be the worst.

Also, commercial credit is now unwinding. All in all, this is the worst credit debacle since 1930. We're in for a loooooooooong hangover after the wild party of 2001-2006.

Darius T. Williams said...

Yup - I'm sure it's financing. Hard times right now...