The future's looking grim for the REX-designed Museum Plaza project in Louisville, KY. According to the Courier Journal, "Developers have indefinitely postponed efforts to borrow money for the $490 million building because of concerns about higher interest costs on bonds and a construction loan."
We've got our fingers crossed. We really want to see this project get realized, for Louisville and for REX!
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it also looks like there are some construction issues:
Construction on Museum Plaza has been delayed indefinitely after workers installing the skyscraper's foundation created strong vibrations along Main Street.
In January, a subcontractor drilling into bedrock at the site "created an unacceptable level of vibration, and so we very quickly stopped that method," said Craig Greenberg, one of the project's four developers.
Greenberg said the setback doesn't jeopardize the project. Despite the delay, developers expect construction to finish on schedule in early 2011 with no increase in the $490 million price tag.
Engineers are evaluating two techniques to anchor the foundation -- embedding smaller concrete pillars or using a corkscrew-type drill to reduce the vibrations.
"There are other methods where we can ultimately get to the same place and have … the most solid and stable foundation that's required for the project," Greenberg said. "There should be no concerns about that."
Work will resume "in the near future," he said, declining to elaborate.
How can financing rates be higher for this project when the lending rates are plummeting?
Koolhaas ghost pay-back-time is here ..
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