Quote:
Originally Posted by whatnext
So in other words this is just a paper project with no foreseeable start date (if ever).
|
It's no different from the 100+ Broadway Corridor rental towers that have been approved. There's only a finite amount of demand, so at any point in time only a few of them will be being built. The developers of those, and here, have their rezoning in place to allow the project to be built when they think there's sufficient market demand.
It's also no different from any other condo projects across the city, or even the whole of the region. Getting enough sales to go ahead with a project is very difficult in the current market. That situation has existed before, and it will probably exist again in future. Unless you somehow think 'it's different this time' in which case there are many sites that will sit undeveloped. It's not a vacant site, or an abandoned excavation that has become a temporary lake, so it's not a big deal.