Pete
02-25-2025, 02:22 PM
I asked for an update from Kenton Tsoodle, the head of the Alliance.
This was his response:
Still moving ahead albeit slowly. They are in the process of resubmitting for Phase I to the FAA. Work is continuing but there are several milestones that must be met to advance the project. FAA approval, Financing package, and land transaction are the major items. Work is continuing on all three . This one is in the developer’s hands at this point.
FAA approval for Phase I should be a quick formality and I'm still very skeptical as to why they lumped the super-tall in with the first phase when they knew that would be problematic while at the same time saying they were committed to Phase I regardless. Completely illogical and I still believe that was all part of providing an easy excuse.
The financing issue is interesting because Matteson said months ago the "entire project" was fully financed. This seems to be untrue, as any reasonable person would have surmised.
And I'm sure the land purchase is contingent on obtaining financing.
It all boils down to Matteson having the money to even start Phase I, and it's pretty clear he doesn't. And on a project this size, inflation alone will be in the millions.
This was his response:
Still moving ahead albeit slowly. They are in the process of resubmitting for Phase I to the FAA. Work is continuing but there are several milestones that must be met to advance the project. FAA approval, Financing package, and land transaction are the major items. Work is continuing on all three . This one is in the developer’s hands at this point.
FAA approval for Phase I should be a quick formality and I'm still very skeptical as to why they lumped the super-tall in with the first phase when they knew that would be problematic while at the same time saying they were committed to Phase I regardless. Completely illogical and I still believe that was all part of providing an easy excuse.
The financing issue is interesting because Matteson said months ago the "entire project" was fully financed. This seems to be untrue, as any reasonable person would have surmised.
And I'm sure the land purchase is contingent on obtaining financing.
It all boils down to Matteson having the money to even start Phase I, and it's pretty clear he doesn't. And on a project this size, inflation alone will be in the millions.