In amongst the excellent points made by Alan Pitt in his letter ‘Anniversary of failure’, (GDN, August 20), one leaps off the page more readily than others: whether or not the settlement committee’s final decision (with respect to the stalled Marina West project) was “acceptable to an influential body”.
Who or what might this influential body be, we ask?
If true, it implies somewhere the power of veto lies waiting to be applied – perhaps arbitrarily.
With ever-longer time being taken to resolve the stalled Marina West project – now coming up to eight-and-a-half years without any construction activity whatsoever, plus inevitable structural deterioration – it does seem that, no matter what legal provisions are promulgated to convince sceptical onlookers that the wheels of recovery are turning, the impression is that somewhere, somehow, progress is being obstructed.
This impression is underscored by a lack of transparency on what is actually going on about restarting Marina West and is bound to continue until a meaningful announcement is made.
Allowing the developer to take as long as they like to come up with a finance package to complete the project means they are calling the shots.
What an absurd situation!
If this is true, it is impossible to see how Marina West will be restarted any time soon.
As for suspicions voiced by Mr Pitt that the Marina West development is not perhaps economically viable according to the original design and layout, there is surely serious concern about delivering anything less.
It should be remembered that back in 2007, buyers were seduced by the quality of the project, its location and its environment.
They signed up to nothing less than this through a legally-binding sale agreement, making incremental purchase payments accordingly.
It is therefore necessary for the project to be completed according to those standards and to that layout.
Any refinancing must take account of this, otherwise the value of properties buyers originally signed up to will be de facto downgraded and, consequently, monetary compensation will be sought should anything less be delivered.
Is it time for Marina West buyers to start considering some kind of action group in this respect?
Let us hope that some sense of urgency will now dawn on those responsible for sorting this out, so that construction at Marina West will be restarted by the end of this year and that innocent buyers who forked out their hard-earned savings for a new home at Marina West – so long ago – will be spared any further distress and uncertainty.