Last week we detailed how Vornado Realty Trust has left cities around the country cursing at holes in the ground where multimillion-dollar developments should be [“Vornado’s Path”].
The bad news for us: Vornado is the parent company of MMPI, the developer behind Cleveland’s $465 million Med Mart and convention center, which recently launched its hole-in-the-ground phase en route to a 2013 opening.
In Boston, Vornado leveled a downtown department store to build a 39-story complex three years ago, then decided it was no longer economically advantageous to follow through with the plans. No charge for the hole in the ground though.
This article appears in Jul 13-19, 2011.
mmmm…… three years ago would have been 2008 by my math. I vaguely remember something about a credit crunch around that time which almost put every real estate trust in the country out of business. But hey, why let some trivial facts get in the way of a lame vince g. story. You need a fellow reporter on the staff vince- I’ve seen much better from you. You are beating this nowhere story like a rented mule. Let it go