Quote:
Originally Posted by Onn
I'll be interested to see what happens next. Do you think everyone is just going to let the Spire project go splat?
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Onn, ... It's over. What will happen next is that Related will develop the property or sell it off to someone else.
Look, Kelleher had never built anything over 15 stories. It was a long, long shot for a house painter who had a long, profitable run at the development craps table. Kelleher took the big risk. His blarney and bravado convinced others to lend money to him. In the end, his timing was off and he had to fold this house of cards.
But, Kelleher's not the first developer to have his dream project do him in. Remember Fordham? And, Kelleher won't be the last developer to be done in by a "dream project".
Sooner or later, the Spire site will be developed. Financing availability will determine what goes there when it develops. But, at this time, it should be obvious (even to a knucklehead like you) that nobody's ready to throw more money down The Spire hole.