NFL Stadium Developer Loses $1 Billion in Personal Wealth
That's the current economy for you. Own a lot of property and Forbes Magazine will catch on in their most recent 400 wealthiest Americans list. Developer Ed Roski Jr., CEO of Majestic Realty Company, dropped from No. 163 to No. 236 on the annual list, which has one sports consultant speculating trouble for the proposed NFL stadium in the city of Industry.
Roski's loss in personal wealth was due to the lower real estate values, but he says that's not the whole story. "There is not just one stream of things," Roski told the San Gabriel Valley Tribune. "Real estate is not great right now. It's part of the way we live and everybody is going to survive." Add to that the silver line: recession = lower constructions costs and interest rates.
But a sports consultant in Chicago says not so fast: "You have to contribute a significant amount of cash into the stadium or into the team," said Marc Ganis, president of SportsCorp. Roski says lower real estate values do not mean rent checks collected are lower.
In another aspect over the controversial project, some state legislation may pass which will scoot the project past some environmental laws.