(Source: Wall Street Journal)
It’s another facet of the real-estate bust: Across the country, local authorities are facing a rise in complaints about environmental and safety hazards from construction sites where work has been frozen.
There are so many abandoned work sites in Florida that some local entrepreneurs started a Web site, UnfinishedConstruction.com, to keep up with them all. The Web site’s latest tally: about 100 properties in Florida, most of them commercial.
No one tracks precisely how many construction projects nationally have been stopped by developers midstream. But an indication of the scale comes from New York-based Real Capital Analytics Inc., which estimates that there were 3,929 distressed commercial properties across the U.S. as of March 31 — a 55% jump since Dec. 31, 2008. Roughly a quarter of the properties involve developments, unfinished, Real Capital said.
Read Jim Carlton’s full article “Deserted Building Sites Add to Property Bust’s Toll” in the Wall Street Journal (May 7, 2009).