Spire delay
Chicago Spire cannot escape the world wide real estate mortgage crisis either.
Shelbourne Development has just announced suspension of construction on the Spire until some time in mid-2009. This past week, a meeting of a number of other developers who were ready to start construction of new condo buildings disclosed that they have also delayed those projects. The reason? Banks do not currently have funds to lend for construction loans, especially with the severe decline in residential real estate sales.
Well, winter is not a good time for construction in Chicago any way!
No comments:
Post a Comment