Quote:
Originally Posted by Insoluble
I think I get what's going on with their funding better now. It sounds like they already have about $40mil of funding accounted for. Their hoping to raise another $33 mil through this program, and with 5 potential candidates out of 66 in the first week it may take at least a full quarter for them to secure that. On top of that it sounds like they still need another $2 mill to make this happen.
Given all that I'm not to confident about them breaking ground over the summer 2014. Toy was last on record saying they wanted to begin last quarter of 2013, so I'm reluctant believe his predictions. It sounds like this is over halfway financed though and I'm really hoping this works out. It's a terrific project and will really help with the momentum north of Vine Street.
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I hope they do it sooner than later. The new rules at the PCC will probably drive new hotels in the area. This project could really plant Chinatown. I'd rather see local development than hotels.