Nothing in this WashTimes piece
will be news for people who wander by here on a regular basis, but "Economy halts developers' ballpark plans
" is a good survey that's probably still worth a read in case you've missed something. The crux is that the current economy has put an end to building on spec--"'Until you're getting your office building 70 percent leased up, you're not moving forward,' said Michael Stevens, executive director of the Capitol Riverfront Business Improvement District." And with things as they are, companies aren't moving to new office space, either. There's also this: "Monument Vice President Russell Hines said the financing difficulty is not because of pre-leasing requirements but rather demands for larger amounts of collateral on loans. Lenders once were willing to finance 75 percent of a project with only the project itself as collateral. Now, however, companies ask developers to put up additional assets to back the loan, even for just 50 percent financing."
One thing that is moving forward: Wednesday morning the mayor will be announcing a $42 million public/private deal between Forest City, the city, and the BID to build and maintain the 5.5-acre waterfront park at The Yards
. The target date for the park has been mid-2009; we'll see at tomorrow's event whether that's still in the cards.
On his blog, Tim Lemke of the Times addresses a few issues
that Forest City had with his article. And my entry on the park announcement is here