The construction equipment ("steam shovel" and all) have been moved off the Tower site, but WCI insists that construction will move forward, despite some tough financial times. You have to consider the biased nature of the source, but WCI remains optimistic:
"The downgrade has nothing to do with anything," he said. "The question is whether we have the financial capability to build the project, and the answer is yes. Clearly we have had a tough quarter, but that doesn't mean that the fourth quarter and the first quarter won't look better."
Dietz said WCI has a significant amount invested in the project but declined to specify an amount.
"We're planning to move forward," he said. "I know there are a few who oppose this, and that certainly has slowed us down and cost us money. We'd like to build the residence that has been approved. We think it's going to be an asset for the people of Columbia."
WCI's stock price closed at $3.10 a share today. I said to buy when it hit $4.54, so my future as a mutual fund manager is not looking good. I still think that stock is a great buy, and I think the Tower will rise out of the ground, but I personally am too chicken to buy anything but index funds.
1 comments:
I am curious why there seems to be little action on the site. Granted we are heading into the winter months and maybe they are waiting until the warmer months to start digging, but they haven't done anything for the past month that I can see....
Also, this is the second article in as many weeks from the Baltimore Sun about the supposed problems of WCI and whether they can build the Plaza Residences. Agenda anyone?
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