Quote:
Originally Posted by Eventually...Chicago
Once a building permit has been issued, (actually i think once zoning is approved) alderman have no power to stop construction. That is why we have a zoning process, even if it was approved under a different alderman, the decision still stands. This is why if fioretti tries to stop x/o he will get creamed in a lawsuit. His background is in law, so i think he knows he lost this battle. Maybe he is just trying to get chummy with the Prairie people by acting as though he can actually do something to stop them. I think pre-sales is more of an obstacle for x/o now...
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Although I agree with you, I don't think any of this will stop Fioretti from attempting (and likely temporarily succeeding) to block fully entitled developments he has a problem with. For a lawyer he seems to either have little skill in interpreting the law or little respect for it.
As for X/O, I think pre-sales are in pretty good shape. As with most new developments at the moment, the toughest issues will probably be raising enough equity (although I have no idea with specifics to X/O - perhaps Kargil already has their equity lined-up), as the days of 90% financing are long gone with the ongoing debt market correction....