May 19, 2024 10:06 am
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After halting Phoenix project, developer stops work in other cities; Cameron Carter, Rose Law Group partner and transactional department director, comments

By Angela Gonzales | Phoenix Business Journal

After halting construction in September at X Phoenix — an apartment project designed to span an entire downtown city block — Chicago-based X Co. has stopped construction of similar projects in other cities.

Construction at X Tampa has stopped, according to Tampa Bay Business Journal, while the company has also halted construction of its $107 million, 33-story tower in Houston, according to the Houston Chronicle.

Read the full subscription story from the Phoenix Business Journal.

“Mechanic’s lien filings often violate the borrower’s loan covenants and must be resolved quickly if the developer hopes to be able to keep its project going.  Lenders are watching closely as they consider next steps to take in these situations.” – Cameron Carter, Rose Law Group partner and transactional department director

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.