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Originally Posted by dwalk
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When I hear that someone is "100%" doing anything, I get really skeptical. It's a general trope in the sports world that when an athlete or coach says that they are "100% committed", it almost always leads to them bailing within a few weeks.
Maybe they were able to raise the equity from the rich UAE elite at their cocktail party, and now the project can move forward. It seems like it could pencil out if the financing is in place, and rich UAE don't tend to shy away from superfluous mega-projects either. So it isn't out of the realm of possibility for financing to come through. Although, they will need to to get a significant FAR variance to account for the proposed 1,000,000 sf on a 25,000 sf lot.
However, this project seems about as sketchy as the Renzi condo proposal. Both of them had palm trees in their renderings, both have questionable development teams, and both are land deals with Buzz Geller. My guess is Geller is trying to drum up press to liquidate his land holdings and retire, but that is pure speculation.
One final peculiarity is that the # of floors being proposed on the website now is 90, and was 75 a few days ago. However, I counted 84 floors in the floor stack diagram, so take that for what it's worth.
I'm all for the project, but historically, these types of "new tallest" developments are harbingers of an economic recession, and rarely are money-makers in the first few years. I'm excited, but still very skeptical
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