Again, approvals have nothing to do with whether or not a building will emerge. They need FINANCING. This will not happen unless they sell at least 30% of the units...hard deposits, NOT reservations. Mandeville Place is approved, no building, 1706 Rittenhouse is approved, still no building. This article, however, does shed a little bit of light on a more realistic timeframe. The developer has now stated in the article that a groundbreaking would take place in June 2008, not this November. This is actually quite plausible considering they need to sell roughly 100 units by then. They don't have condo docs or agreements in place for another 3 months according to their own sales agents. November is not even remotely a possibility. But next June certainly is. If they can't hit this target by then, there is no chance of this thing getting off the ground. So if you like this project, go BUY ONE!!!!
