When the lending markets froze up in mid-2008 a lot of high-profile projects that had been planned and publicized came to a standstill.
Nearly 18 months later, a few finally are getting back on track. Most, however, remain on hold indefinitely. Not only does financing continue to be a problem, but demand is soft for residential and commercial projects. Some developers say they’re hoping that by mid-2010 market conditions will have improved to the point they can start talking about breaking ground. But others suggest that’s a best-case scenario.
In the meantime, many developers are going back to the drawing board, redesigning their projects to reflect changing market conditions and trying to figure out how to make their numbers make sense.
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