http://elginite.org/blog/2006/02/22/condomillions-another-2-to-be-exact/ Fri, 18 May 2012 11:47:19 +0000 http://wordpress.org/?v=2.7.1 hourly 1 http://elginite.org/blog/2006/02/22/condomillions-another-2-to-be-exact/#comment-40 Kovas Palubinskas Wed, 22 Feb 2006 09:35:00 +0000 http://elginite.org/blog/?p=171#comment-40 Construction price increases should have been expected and factored in to the original proposal. What is suprising to me is the truthful remark by the CEO Richard Curto, when he wrote in a letter to the city: "As you might imagine, our lender and partners are more than a little concerned over the net increased costs and corresponding decreased profitability." Decreased profits? Those are the risks in development! Perhaps the city should let them walk -- it's better to wait and have a development that puts the city and its citizens first. Construction price increases should have been expected and factored in to the original proposal. What is suprising to me is the truthful remark by the CEO Richard Curto, when he wrote in a letter to the city: “As you might imagine, our lender and partners are more than a little concerned over the net increased costs and corresponding decreased profitability.” Decreased profits? Those are the risks in development! Perhaps the city should let them walk — it’s better to wait and have a development that puts the city and its citizens first.

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