Home » CityBOOM » Gateway LLC Project Postponed

Gateway LLC Project Postponed

» posted by Chuckmonster
  on 22 November 2008 10:33 pm

Gateway LLC project Atlantic City

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






Comments & Discussion:
Posted by vzboyle on Saturday, 10th January 2009 - 3:46 pm

I just can't help but think these two make a play for the Trop.

Subscribe via RSS







Recent Comments:

vzboyle posted: "Many residents of AC were hoping for a flat out takeover of the corrupt city government which is a money..."
» on New Jersey To Take Control...
Dave702 posted: "This is a great find!..."
» on Mirage Atlantic City...
Dave702 posted: "According to today's AC Press, the company is spending $12 million on the exterior and $7 million on renovations to..."
» on Claridge : Now With $20M...
Dave702 posted: "I don't see why something period specific like Art Deco wouldn't be a slam dunk. People aren't going to..."
» on Claridge : Now With $20M...
blackjacker1979 posted: "This is nothing new. For some reason people now feel that luxurious texture and minimal if not bland eyelines..."
» on Claridge : Now With $20M...



Friends:

Die Is Cast
Two Way Hard Three
Five Hundy