hail mary time for cosmopolitan square

the union tribune has the details of cosmopolitan square's attempt to avoid bankruptcy, and it includes converting about two thirds of the building from condos to rooms in a swank mondrian hotel. apparently it's easier to attract funding for a luxury hotel downtown than to dump another three hundred condos onto an over-saturated market.

i'm not an expert on the subject, but it seems dubious that a new lender is going to bail out the developer here - they owe 40 million to lenders and contractors, the real estate market is soft, financing is hard to get, and there's already "edgy" hotel presence from the w hotel (undergoing a makeover soon, according to 944 magazine) and the recently-opened hard rock hotel. that's a tough list of cons to go against, and it sounds like the only pros here are "mondrian" and "one of the best undeveloped parcels downtown". while i'd love to see the project go forward, a more realistic scenario would appear to be foreclosure.