Will DestiNY even happen?

A 2007 article published on a website called the Architectual Record (run by MCgraw-Hill) states that the first phase of building DestiNY will be completed at the end of 2008. Author Jenna Mcknight says that Pyramids legal troubles are "largely resolved", and Congel has secured $540 million including $228 million in government funds for the green facility. This article written last year paints a bright picture for DestiNY. I mean c'mon, the website is owned by the company who made our high school text books. They must be right, right? Well, a blog posted last month on March 3rd by Rick Moriarty of the Post Standard says something alot different. The headline reads "DestiNY USA Lays Off 45 Workers". How many workers are left? Just 40. He adds that "virtually all construction lending has ceased". Although the financial delay is not supposed to effect the building of Phase 1 (which will double the malls size), I often drive past the mall only to see steel beams stuck in the ground. It is fairly obvious that Phase 1 will not be finished by the end of 2008. Since we dont really know when phase one will be done, it is hard to say when phase 2 will start. Moriarty says that Bob Congel has until August 1st 2009 to start phase 2. Over the last year, DestiNY seems to have dwindled into a small project to expand the sufficient Carousel Mall. It is unclear why things have changed so much in the past year. I personally think it might be because of the steady decline in value of the U.S. Dollar, and the recession we are looking at. What do you think?

Here are some comments made on Moriarty's blog:

Posted by NYRacer on 03/03/08 at 1:23PM

"I think Destiny should be laid off. Heres a multi year promise for nothing How long will it take people to wake up to the baloney?"

Posted by kathwoodsuks on 03/03/08 at 2:25PM

"This is not a good sign.. "virtually all construction lending has ceased". One step forward.. 4 steps back. Congel seen this coming and just plain ignored it (careless). How can he believe he can risk proceeding ahead with the lending markets the way they are? Time to go back to the drawing board. $450 million for a frigin hotel!! Why not just DOWNSIZE this hotel, scrap the plans and loose the "Land of OZ" dream! Adjust with our deflating economy and make this Destiny USA-- the eco-friendly place it's pumped up to be."

Posted by soupy264 on 03/03/08 at 4:00PM

"Isn't it a wonderful thing to be able to blame Everything on someone else. The State, the county,the city, the fed's the Mayor, the County Exec, all to blame when the whole plan implodes.
The main players won't lose a cent. Just like the 60+ small business owners who supplied equipment and labor for the original mall who never got paid. They went bankrupt, and the mall opened,making millions for it's owner.
Wish I could have gotten so much financial help when I had businesss.
Yes this could generate thousands of jobs,and every employee will require 3 to live."