Across the country, high material costs combined with mounting financing issues are adding to the time it takes to get projects across the finish line.
For example, Irvine, California-based Shopoff Realty Investments paused construction in March on its $550 million Las Vegas Dream Resort project due to construction financing issues. Meanwhile, New York City-based Vornado Realty Trust also hit pause on an 18 million-square-foot project in midtown Manhattan because of unfavorable capital markets.
