In a stunning turn of events, developers who promised willingly gullible government officials the moon to get public dollars for development get the money and start managing expectations, i.e., backtracking on the promises they made:
For the first time, both development partners in the $387 million Ballpark Village are saying it’s unlikely that a significant portion of the project will be completed in time for the All-Star Game in July 2009.
Several months ago, one of the developers, the St. Louis Cardinals, acknowledged the possibility of delays on the downtown project. Now Chase Martin, director of development for the other co-developer, Baltimore-based Cordish Co., also is lowering expectations.
Who could have seen this coming?
Memo to the willingly gullible elected and unelected public officials: when a developer promises the moon, expect to see his backside.