Originally Posted by Scruffy
out of all the towers mentioned, the only tower that i see as a sure fire guaranteed sellout even if the market collapses is 11 Times Sq. The location is practically the most prime location left, perhaps now eclipsed by the possible Penn Station tower. Thats what boggled my mind about 11 ts. when you have solid gold real estate, why wait years and years to do anything with it.
Perhaps they are waiting for bank loans. Many times Developers take out loans from banks to fund a majority of the project. But it's not that easy. They have to state a case, show how they are going to pay back a large sum of money, give a timetable, etc. That in itself could take over a year.
Or it can be a number of other things. Zoning conflicts (I doubt for ths particular project), waiting for a good market (not likely in this case), or even conflicts with the architect (which is possible because there have been multiple designs for this tower).
There are many different aspects that contribute to the construction of a tower. It can take a year before groud-breaking, or it can take five years, or more for that matter. Banks, investment partners, tenants, markets, architects, contractors, zoning, legal aspects, on others are all obstacles to get a tower (or any project) up in the air. It can be a long, aggressive, and for sure delicate process.