This makes sense. I knew there had to be something going on - either with financing or something unexpected site-related that was discovered.
Construction was supposed to have begun in Nov. This means that it was likely a party specific issue that caused the deal they had prior to then falling apart. This should be/have been no big deal, as it's an A+ location, solid developer/equity investor, etc in terms of fairly easily (it's still a process of course, these deals take time to put together) being able to replace the debt with other party(ies).
At the moment, we're in a global public health crisis......with significant economic and financial market reverberations. Things look VERY iffy for the next couple quarters.
So, this complicates things.
__________________
It's simple, really - try not to design or build trash.
|