I think some might be confusing his "proposal" with his true intentions.
He's trying to build some buzz. He's trying to get this thing noticed. Half of being a good developer is being a good promoter, and that may in fact be the only half that Stinson has.
The numbers just don't add up, it's not even close. Harry knows that. His plan will be to renovate the current hotel and make a bit of money on that and then MAYBE, attempt the condo tower after regaining come credibility, and if he does it will be a 40 storey tower, tops.
But as long as a fictional 80 storey tower is in pictures and in peoples heads, they will talk, it will build buzz and speculation, it will draw up interest, and I think that is the whole idea.