The real estate blog DCMud has reported that the Newark Street Giant development project, known as Cathedral Commons, is still searching for a financial partner, and the development is on hold until one is found. According to DCMud's article, the earliest groundbreaking would be in the beginning of 2012. In the meanwhile, the Giant supermarket will remain open. You can read the full article here.
The article alludes to the current financial climate as a cause of the delay, but the lawsuit may also play a factor: The lawsuit may be scaring away potential backers, as uncertainty and multi-million dollar projects don't go hand in hand. If that's the case, then it's a shame that just a handful of people can do so much to thwart what over 95 percent of the Giant's neighbors, the Mayor, Councilmember Cheh and most other elected officials, want.
The article alludes to the current financial climate as a cause of the delay, but the lawsuit may also play a factor: The lawsuit may be scaring away potential backers, as uncertainty and multi-million dollar projects don't go hand in hand. If that's the case, then it's a shame that just a handful of people can do so much to thwart what over 95 percent of the Giant's neighbors, the Mayor, Councilmember Cheh and most other elected officials, want.