Who would have guessed it, the City Council again ignores the recommendation of Russell Allen.

Can we have a “no-confidence” vote for him now?

No confidence? If you haven’t noticed, the entire CMBS market has completely frozen. It actually says what a solid developer he is if he can actually get financing in this market… because no one else is.

Russell Allen needs a Finance 101 course because he is making reckless, knee jerk decisions that could leave this city in a far worse situation as developers wait out the this current environment.

People, we’re in a credit crisis. It is having nasty and drastic effects on the economy. This project, and other good ones such as this one, are a direct example of the spillover that has occurred. Just relax, as the credit markets work themselves out into next year, banks will be willing to loan once again and the building will resume.

My bad Chris, I assumed you meant a no-confidence vote for Reynolds, not Allen….

I couldn’t agree more!

I am a big supporter of The Hillsborough and the Reynoldses’ vision, but the problem most people have is the numerous extensions granted even during the times when lenders didn’t cause this type of crisis. I begin to wonder if there are indeed other developers interested in 301 Hillsborough, but it is up to Russell Allen to demonstrate this is the case.

In a way I am happy for this extension, but it’d better be the last one.

[...] develop the Reynolds Tower, a mixed-use project planned for 301 and 309 Hillsborough Street. Since the last council meeting regarding the project, the developers have secured financing and commitment by Regions [...]