Quote:
Originally Posted by Urbanthusiat
They'll be completed - the money has already been committed and construction loans closed on. Labor and materials will be what will stall development, not the funding. But ultimately more money will be lost by stalling than completing as they are already above ground, so they'll be finished at some point. They'll want to be delivering these buildings once the economy is turning around - not after.
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The best/worst example of stalled construction was the Rittenhouse Hotel, right across from the Laurel. It was finally completed in 1989, 17 years after site prep began. They actually ended up tearing out the original plumbing fixtures to replace with newer ones.
See this 1986 clippings from the Inquirer (free zoomable full page view by clicking on image in upper right of clipping page):
https://www.newspapers.com/clip/4820...hotel-project/
(continued)
https://www.newspapers.com/clip/4820...hotel-project/
Excerpt: Site clearing and underground construction for Rittenhouse Towers began in 1972, but the project was shut down in 1974 because of market and financing problems. Construction resumed in 1980 after Wolgin secured new financing, but work halted again late in 1982 because of more money problems. In 1983 the Bank of America and Wolgin filed countersuits that ended early last year with a settlement that put Rit tenhouse Towers into the bank's hands. Greenwood Group bought the building in September. Raymond Weisbein said the building's acquisition and completion would cost Greenwood Group about $75 million, but he expects the finished building to be worth about $110 million. "I feel badly for Wolgin," Weisbein said. "He's done good things for Philadelphia. But I feel good for me." Reiff, who has spent more than half his professional life working on the Rittenhouse project, has mixed emotions. "I'm almost afraid to complete it," he said. "I'm afraid I'm going to die.