According to the Times article, Logwood Development Company had been a partner in the project and had already spent about $200 million of Lehman’s money, and construction was about 75 percent done when they were forced to stop building. Jonathan Siegel, the managing partner of Logwood, spoke to the Times:
His goal now, he said, is to “protect the asset,” by which he meant the unfinished buildings. Important tasks, he said, include keeping the interiors dry and even providing air-conditioning in places where mold might form before construction can resume.
Work was also halted on the Ritz-Carlton, Rancho Mirage, as well as two other Lehman-funded projects: Robert De Niro's planned Nobu Hotel (but does De Niro really need another hotel?) as well as a Shangri-La hotel planned for Midtown.
No word yet on the fate of these projects, but for now, developers are still searching for money to salvage the hotels.
[Photo: Associated Press]
![Paradise, Jolted by the Financial Crisis [NY Times]](/files/6929/molassesritz.jpg){kind=link}
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