Every time I go past 23rd & Union or the Safeway on Madison, I wonder about the status of the big apartment projects that are planned for those sites. They were originally scheduled to have started construction this summer, but then the financial crisis hit and everything went into a holding pattern.
So with some people calling a bottom to the recession, is it possible that those projects might finally get off the ground? I put that question to Jim Mueller, the developer of the projects, who said they are still actively working on them, but that it’s too soon to tell when they might be able to start construction. As we explained in the spring, the economic crisis froze up the seed capital for large projects like this, and the terms of lender financing were raised to a level that made them economically infeasible.
Jim did say that they are looking forward to the fall when they think they’ll get some new market information, take stock of the situation, and possibly be able to make some decisions on how to proceed.
For more details on each project, refer to our archives: