From the Business Times:
Many lenders have stopped extending common forms of construction financing amid the debt market turbulence. Combined with falling prices and fears of glut in supply, that’s sending developers throughout the city back to the drawing board.
Olson is the most dramatic example. The company confirmed it ceased construction on its 252-unit, seven-story City Walk project July 24, saying general contractor UPA California stopped work on the site at 1260 Martin Luther King Jr. Way. Olson declined to comment on when construction might resume, and city officials said they had no indication from the company on when the project might start up again.
Dick Whitney, a senior vice president at UPA, said the company had not been paid by Olson, filed suit against the company and is now busy working on other projects. Olson declined to comment on UPA’s allegations.
I guess we’ll have to wait who knows how long for the world’s largest Starbucks, which I heard was going in the project (and no, I haven’t taken the time to confirm that rumor).