All this means is that the project won’t get built right now. They dug a big hole but haven’t done anything else to the site for a few months now.
They will give back the buyer’s deposits and put the project on the shelf. There are at least 5 that I know of right now that have been delayed indefinitely.
I would be surprised if you saw a new high-rise break ground in downtown San Diego for a while. High construction costs and flat to declining revenues have effectively put the market in check for the near future.
Some of those buyers were not “flippers” and may actually want to live downtown. They may have to look at other projects already built. This should take up some of the excess supply in the current market.
