According to
today's Morning Call, Albert Abdouche must jump through numerous hoops to receive the benefit of NIZ financing for the Americus property. Abdouche proposes a hotel on the lower floors, with apartments on the upper. Although the apartments are feasible, the hotel is not. This blog has previously stated that the new arena hotel will render the Holiday Inn, at 9th Street, to second class status, at best. Who could possibly believe that center city can support three hotels? Apparently, not the NIZ Board, because they have imposed requirements on Abdouche not inflicted upon the other beneficiaries of their financing. While J.B. Reilly was fronted money on his projects, Albert must secure his own financing. It's an enormous building, for which I believe the GodFathers have a plan, but I'm not sure that Abdouche is part of it.
This is exactly what I was thinking. I was also thinking that most of the prior NIZ financing went through National Penn Bank who's tighter then a drum with developer Reilly. Abdouche's hotel would be in direct competition to the best interests of Reilly who has his own hotel. Makes he wonder how much more difficult this will make it for Abdouche to get the required financing.
ReplyDeletePoor Albert has been trying for a goodly number of years to receive what had been promised to him, when early on he gathered a number of friendly "backers", as City Hall said there would be monies available to offset the difference. I told him back then "don't count on it" because of "the powers that be". He has worked long and hard on what he has accomplished internally thus far. I continue to wish him well, but my earlier admonition still holds.....PJF
ReplyDeleteThis I believe could be the biggest blunder of the current downtown development. Not to mention the apparent exclusion of the Hotel Traylor in the big picture downtown. Both need to be a part of the scene in some way and as I see it they have been left holding the bag. Maybe things are going on im not aware of but if they are being ignored it will not sit well with investors to be. Albert invested in the Americus to keep property out of the hands of Joe Clark. The Americus is similar in construction to the Warwick hotel in philly.Doesnt look like its feasible for the Americus to suffer a similar fate at this point.Penrose may have a solution just hope Mr. Abdouche doesn't get the shaft for his Americus involvement.
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