The future of Destiny
SYRACUSE, N.Y. -- “Cash and liquidity were plentiful. Investors were eager to take on risk,” said Nicholas Fluehr, Citigroup Managing Director.
What a difference a year makes. An official from Citibank telling Onondaga County lawmakers that money markets remain dry. While the diagnosis is dire, the prognosis was brighter. There was light at the end of the tunnel and signs of some recovery.
The most immediate impact of the market meltdown was felt at the site of the area's largest construction project Destiny USA. While funding was already secured for the expansion of Carousel Center, the developer was moving on to Phase 2, a massive hotel on the shore of Onondaga Lake. It appeared everything was a go until the money dried up and Destiny missed its window to borrow needed funds.
Some good news and some bad news for Onondaga County lawmakers. Bill Carey says they met with a top banking executive trying to figure out what the future holds for the money markets and a key local project.
“Very, very close. It's all about timing. All about timing in this business and sometimes hours and days and weeks do make a difference,” said David Aitken, Destiny USA.
The optimism voiced by the legislature's guest was accompanied by a hard nosed review of what the markets have been through.
“I frankly have never seen it as bad as it got this January and February,” said Fluehr.
But as financial institutions stabilize and the economy turns upward, Fluehr is hopeful things will change.
“Yeah. Hopefully by year end, but it could run into next year,” said Fluehr.
Destiny said it’s ready to move as quickly as those markets allow to get going on Phase 2.
“Trust me. There's every motivation to move as quickly as possible in the market,” said David Aitken.
Original plans called for construction of the Emerald Hotel to begin next summer.
Onondaga County lawmakers have another reason for concern about the rebound in the money markets. The slowdown in credit has stalled work on construction of a new convention center hotel in downtown Syracuse.
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With Phase one under contruction i thought i would give you guys a little update. I am still very Optimistic this gets built.