Is the Domino Developer Out of Money?
The L Magazine reports that a “consultant for CPCR—the developer behind Williamsburg’s enormous, controversial Domino project—recently said in an off-the-record meeting that it appears likely the company may have to find another private investor in order to make the project move forward, a source present for the remarks confirmed in an email.”
A spokesman for the project strongly denies the allegation, and says that groundbreaking on the upland site will begin in about a year (“late 2011”). The latter statement could be true regardless of the financing trouble the project is facing, and it wouldn’t necessarily be extraordinary for CPCR to bring in partners for all or part of the Domino project anyhow.
Luckily, all of the promises that were made during the Domino rezoning were guaranteed, so the benefits to the community wouldn’t be affected by any change of ownership. Oh.
