"Elsewhere, things are slow. Oliver Tyrone Pulver Corp.'s planned Seven Tower Bridge in West Conshohocken, and its hotel and office complex in Coatesville, are 'on hold' and waiting for more financing, according to Barilotti."
Philadelphia Inquirer
Monday, July 20, 2009
Slow times for union building fund
http://www.philly.com/philly/blogs/inq-phillydeals/51225277.html
Surprise, surprise...
ReplyDeleteIt's not exactly a surprise. Construction projects and grants have deadlines. Pulver Corp. knew that because of the economy, it probably would not be able to begin construction this year. They needed finial conditional approval because the grants would have expired soon. If the lending situation improves enough to begin construction and the grants had expired, years would go by until the hotel plan would be back to where it is now.
ReplyDeleteThere is still a market for condo and townhouse new construction. If the builder can get financing he can sell the units. The banks are not lending. They seem content to make their profits on credit cards.
I think the best hope for Coatesville is financing through Federal stimulus money funneled through the Commonwealth.