Ruins of the economic collapse - pictures of abandoned and uncompleted buildings

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Ruins of the economic collapse - pictures of abandoned and uncompleted buildings

Abandoned and stalled buildings litter the America landscape as signs of the end of the golden age of prosperity. These photos show some of the new yet abandoned buildings.
Photo A
This project in downtown Phoenix was supposed to include nearly two dozen luxury homes, priced from $2.8 million to $4.5 million. But by early 2007, the city's high-end condominium market — which was among the country’s hottest — had become oversaturated. Prices started to fall, and Chateaux on Central’s developer, Central PHX Partners, declared bankruptcy.

A local commercial lender, Mortgages Ltd., stepped in that year with an offer to provide nearly $50 million in loans to help Central PHX complete construction. But the deal turned sour, and in March 2008, the developer sued Mortgages Ltd., claiming the lender had not made promised payments. On June 2, 2008, the C.E.O. of Mortgages Ltd., Scott Coles, committed suicide. At the time, one-third of his company’s loans were in default. More than a year later, Chateaux on Central remains unoccupied and unfinished.

Photo B
This sprawling $4.8 billion complex on the Las Vegas strip was to contain 5,000 hotel rooms, nearly six acres of shopping, a 750,000-square-foot convention center and a casino floor the size of nearly two and a half football fields. The developer, Boyd Gaming, citing the economic turndown, suspended all work on Aug. 1, 2008. The shutdown sent 800 construction workers looking for employment at a moment when other projects in Las Vegas were faltering.

Now, according to Steve Redlinger, spokesman for the Southern Nevada Building and Construction Trades Council, "private development in Las Vegas is nonexistent." The state has lost 25,300 construction jobs since May 2008, and the unemployment rate has risen to 11.3 percent, among the highest rates in the nation.

From: http://www.nytimes.com/slid...
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By netchicken: posted on 6-7-2009

You now what those pics of those abandoned and uncompleted buildings remind me of........the apocalyspe. Seriously, it looks like all the people had to leave and everything remains where it was last touched, sorta creepy.
By mg.mikael: posted on 10-7-2009








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