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Old Posted Mar 7, 2012, 6:23 PM
Waye Mason's Avatar
Waye Mason Waye Mason is offline
opinionated so and so
 
Join Date: Apr 2009
Location: Halifax, NS
Posts: 721
Quote:
Originally Posted by worldlyhaligonian View Post
We aren't talking about a major skyscraper here, this redevelopment could only be a few million bucks.

I bet this is held up by red tape somewhere along the line.
Did you ever watch "Flip This House" back in 2007 or so? Ever wonder why a 25 year old working at Starbucks was able to get a $1 million mortgage with no money down? Then the economy collapsed and that went way.

Things are tighter at all level of risk, not just subprime. My understanding is that these guys are not big time developers, and I suspect that it is just a lot harder for them to get financing now than when they conceived of their plan.

So even for a small development, tighter rules around having leases signed, cash in the bank could slow them down.

That said, Halifax is all over red tape. I don't think the approval process is our problem as much as the post-approval process of getting 18 different HRM departments to sign off on your project.
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