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Failed Projects Leave Heartland Broken

Since the onset of the capital crash, new and planned development has been halted, leaving gaping holes scattered through many Midwest markets.

By Robert Carr | Updated on May 28, 2010

During the mid-2000s, when it seemed any project had a chance of completion, it was common to hear about $1-billion to $2-billion mixed-use development plans. That’s true even in the Midwest, typically a region known for slow and steady growth, as well as its restraint against grandiosity.

Then the financial crisis ended the party in 2007, and all the bills came due. When the downturn hit, it became “the decade from hell,” according to a recent joint real estate report, “Expectations & Market Realities in Real Estate 2010,” by Real Estate Research Corp., Holliday Fenoglio Fowler and Real Capital Analytics.

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