cosmo comeback?

the union tribune reported today that the developer of cosmopolitan square, the condo project on the northwest side of petco park, is filing for bankruptcy, making it the biggest bust (25.5 million spent to acquire the property) of any downtown condo project. while the developer, simplon corp., says bankruptcy is a positive step for securing more financing, the article states that they've been given plenty of extensions thus far and have failed to show the money.

to improve chances of getting that financing, the project has changed to include a hotel and very high end condos. hopefully they can retain the interesting look of the project, but its disappointing to hear the new fire station (replacing the old one on the block) won't be built.

the article mentions some other failed condo projects downtown, including atmosphere on 5th and ash, and another simplon affiliate project at front and ash. while not downtown, they neglected to mention mi arbolito next to balboa park, which has once again run out of money (according to our friends down the street) and is just sitting there, nearly finished. weird things about this building: the lack of any windows on one of the prime view sides of the building, and the 80's-looking glass blocks near the front entrance of each unit. as that old british actor on extras said, "TACKY SHIT!".