On a follow up to my earlier post about the East End Gateway at 16th an O by Loftworks being delayed due to cost over runs, the Business Journal has an article today that the project is now canceled.
Damn. I was sooooo looking forward to this one. This one is much more disappointing to me than the DR Horton projects.
Earlier reports were they were 10% over budget, but the article today says that number is 25%. 28M budget, 35M in bids.
CADA says now that the site is cleared and clean a new developer can go straight to work on something after they put the project back to bid in a couple of months. I am going to the CADA meeting next Friday so I will report back any details I get from this project, as well as sites 1 and IV by Lambert Development.
I'm not liking this trend of projects being canceled due to construction costs, couple that with a slowing housing market and this could be real trouble for more projects.
This couldn't have come at a worse time given how much interest there is in developing in the central city.