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Gateway LLC Project Postponed
Curtis Bashaw & Wally Barr's Gateway LLC project - scheduled to be built upon the former Atlantic City High School, abandoned Dunes Atlantic City, never built Sahara Atlantic City and other surrounding parcels - has been postponed for obvious reasons - the ol' 'credit crunch.'
It's an ongoing project whose timing is clearly impacted by the state of the credit markets. It's a function of getting financing. None of these deals can be done on all equity. We have to get financing, and right now, there's not the financing to do this type of project.
This isn't the time when people are going to be putting shovels in the ground or getting financing for multibillion-dollar projects. We're going through an assessment, in terms of the size, scale and timing of the project as it relates to the credit markets... and seeing how this shakes out.
They've barely moved one trowel full of dirt, so the announcement of delay isn't surprising. Smart money doesn't lock in expensive money when times are bad.
More details on this are at the Philadelphia Inquirier

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Recent Comments:
bat55w posted: "I have doubts this will happen based upon the idiots that run Philly, but if it does I will be..."
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weatherman2111 posted: "Having gotten lost down there a couple of times it's a surprisign pain in the ass to get back onto..."
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mstokes posted: "As if Atlantic City isn't in bad shape as is. Putting a Wynn casino so close won't be helping any...."
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bgriffiths posted: "It could be a nice area, there. Yards brewing is a little south of Sugar House - they have a..."
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bat55w posted: "I like Tony Luke's better than the touristy spots on the south side of philly(Pat's and Geno's). I do..."
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Comments & Discussion:
I just can't help but think these two make a play for the Trop.
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