An article from Bloomberg on Santa Giulia, a luxury project near Milan contains what just might be my favorite quote ever on developments gone bust.
James Rehlaender, managing director at European Investors Inc., says, "When prices started to peak, developers were like crack users and would use all the money that banks were throwing at them." Indeed, and it's as good an explanation as any for what has happened at Santa Giulia, a project that was to include luxury apartments designed by Norman Foster and boutiques from top Italian brands like Dolce & Gabbana as well as hotels, schools and a church that is now starting to look like yet another project that will never be completed.
