Quote:
Originally Posted by Haliguy
Actually the local economy is doing quite well.
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Local economy is doing well yes, but there is no market for 500k plus condos nor market segment for high end hotel at this point.
Furthermore money for financing is tight, and will be getting tighter. I am already seeing commercial developers moving away from projects due to requirements in financing the projects that are not the traditional norms. We are recession bound in my opinion.
The deadline for ground breaking is tied to the last hurdle they encountered, not the original development agreement granting date. If it was then it would need to be in the ground within a short period of time. Furthermore this particular development agreement is very very fine in the details of what is permitted etc.