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July 23, 2008

Credit crunch leaves projects nationwide delayed or scrapped

  • The quick change has left some developers with blueprints in hand but pockets empty.
    • By J.W. ELPHINSTONE
    AP Business Writer

    With a vision of transforming downtown Seattle, the Clise family spent more than a century buying up key pieces of land. But the credit chaos has forced Al Clise to postpone his plans for a grand, 13-acre commercial and residential development.

    Clise Properties Inc. halted discussions with potential partners in April after it became clear that most investors wouldn't find reasonable financing to develop the site with the company during a global credit crunch. Interested investors had to put up more than $600 million just to compete for the opportunity.


     
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