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Superstar
How does a bankrupt developer build these towers? Partnership or sale to another developer?
Bankrupt thats news to me.
http://www.bazisinternational.com/flash/main.html
How does a bankrupt developer build these towers? Partnership or sale to another developer?
Bazis is not bankrupt. The standard procedure for developers of large projects such as Emerald Park is for each project to be financed separately. In the case of 1BE, the financing that they had arranged disappeared when Lehman Brothers collapsed, and it was impossible to replace it in the new, super-conservative lending environment. Bazis had no choice but to abandon the project, despite having sold 100% of the units in the building. Their other projects, on the other hand, were not financed through Lehman Brothers and hence are still moving forward.
i thought the problem with 1BE was some kind of financial scandal that took place in Kazakstan, no?
There were other issues at 1BE prior the the Lehman fiasco that led to the delay of the public launch of this project by several months. Some of these issues that are not directly related to financing are also extending themselves to Exhibit.
I have a feeling that the new project wont live up to the standardbut i do hope im wrong.
what do you guys think?
Hi Marcone, If you call and leave a message with your contact details, they will return your call. As I said before, there will be another council meeting on March 09, 2010 regarding zoning and planning of Emerald Park.