Quote:
Originally Posted by jsbrook
I also wonder if any of the buyers have or are going to pull out. When you sign an agreement of sale for new construction and make a deposit, there is normally a drop dead date for completion, after which buyers get their deposits returned and can walk away. While that would not have happened yet, it seems destined to depending on when agreements were signed and how they were written. Sometimes, there is groundbreaking date contingency too.
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I wonder if the above had anything to do with the so called ground breaking from months ago, that led to obsoletely nothing happening.
I know next to nothing in terms of what it takes to put the monies together for this type of multi hundred million dollar project, and likewise with the construction costs. But since this is a mixed use building and the CC apartment market seems to continue to be one that is not yet reaching a slowdown, I'm surprised that aspect of this project isn't enough to get this started. It seems the longer the delay goes on the greater the risk is that the rental market will peak and demand will slow.
I also wonder since this is Southern's biggest and grandest project to date if they are having problems convincing lenders that they are up to the job----.
The best way to resolve all this would be for a big hole to start to appear at the site, quickly followed by some nice deep foundation piers.
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