Not a Done Deal: Developer Facing Foreclosure

This megatower is not a done deal. We keep repeating this because it’s still true. Much as Bauhouse Group likes to boast that its megatower will go up, regardless of community wishes or zoning changes, there are signs that the construction of the development is far from ensured. The developer claims that our proposed zoning change cannot possibly pass through all the needed governmental approvals before the building goes up, but Bauhouse still doesn’t have the money it needs for the project. In fact, it owes a debt of $128.8 million to Gamma Real Estate, which is taking steps to foreclose on it. You can read more about the impending foreclosure in our latest news post.

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