Last week ended with news that one of the principal players in the Southwest Waterfront development plan is reorganizing its business, and no longer investing equity in new projects. Struever Brothers amassed debts have caused the company to reorganize and pull out of all of its investment projects, including a scale back on the Soutwest Waterfront multi-million dollar develpment. It is not clear what "scaling back" on involvement in the Waterfront project means. In a Friday interview with The Maryland Daily Record, William Struever did not elaborate on the Southwest Waterfront pull back, and a late Friday announcement is a typical ploy to avoid the possibility of immediate clarification or followup. Therefore, it is not clear how much equity Struever is giving up or who is taking over the equity stake.We will be awaiting any statement from the remaining development partners, specifically the lead partner, PN Hoffman. Other stake holders in the project include McCormack Baron Salazar, ER Bacon Development, Gotham Waterfront Development, Triden Development Group, CityPartners, and Paramount Development.
Photo: SW Waterfont seen from Haines Point.
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3 comments:
Sunday morning, 8 am - Now that's what I call a scoop!
Friday evening press releases suck. I have had to deal with them in the past in other contexts. It is the typical cop-out for anyone who does not want to comment any more or wants to pull a fast one. No judgments on Struever, but I had to let at least Saturday go by to see if there were comments or confirmations from other players. Alas, there were none.
Friday evening press releases are similar to the IRS letters that arrive on Fridays. By the time you get home and read your mail it's too late to call. Guess this cuts down on the volume of raging phone calls they receive and by Monday we're much more relaxed.
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