Upside/Downside: Wider Implications of Flats On Hold

If there was any doubt that banks are significantly tightening credit, it was laid to rest this week when developer Scott Wolstein announced his project to develop the East Bank of the Flats is going to be put on hold, at least for a number of months. The law firm, Tucker, Ellis and West and Accounting Firm Ernst and Young are planning to move to the Flats East Bank. But now, their new digs are in limbo. The developer has expressed optimism that credit will loosen up by this spring, but really, who knows? And what will happen to this project if these companies decide to make other plans. ideastream®'s Eric Wellman posed those questions to Chris Warren, chief of regional development for the City of Cleveland.