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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