Friday, May 09, 2008

Sugar House Sour

In the interest of full disclosure, my office was in these buildings until Mecham Investments booted me out so it could make its big hole in the ground. Nothing I'm reading in the paper this morning surprises me.

Craig Mecham (aka The Great Developer) has a hole in the ground that half of what's left of Sugar House could fall into, and apparently isn't going to do anything about it. At least the City is stepping up, threatening to take the performance bond and fill up the hole itself. I hope the bond covers the cost, but I'm thinking it might not.

Oh, and Mecham is hinting that, due to the downturn in the real estate market, he's having to rethink the project. Boy am I shocked. If he's just going to leave a mess there, I think the City really ought to step up, fill and landscape the hole, and use its status as a creditor to toss the project into bankruptcy, where it can be sold to someone with the wherewithal to finish it. Unless the City wants the center of Sugar House to be a full block of urban blight.

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