Filed under: Real Estate Developments
Construction stopped in June when a lender backed out of the deal. Without having to worry about condo sales it may be easier to find lenders to finance the project. Without the condos, the project could cost roughly $53 million but to build the larger tower it would cost $175 million. While $53 million is still a lot, it's a bit easier to get hotel financing compared to real estate financing right now because it doesn't rely on the promise of sold properties. The project is still in peril, contractors have filed liens against the property seeking payment for completed work.
Gallery: Towers in Trouble