Santa Barbara planning czar Paul Casey is predicting that developer Bill Levy will exceed his June 12th deadline to obtain $185 million in financing needed to begin work on the 62 Ritz-Carlton timeshare condos approved for the lower three blocks of State Street. Levy’s controversial timeshare project was first approved by the Santa Barbara City Council five years ago. Because Levy and Ritz have failed to obtain financing in a timely manner, they have already had to seek several deadline extensions from City Hall. If Levy and Ritz fail to make the June 12th deadline, they can seek only one more six-month extension. After that, the project is dead. Casey said Levy remains optimistic about financing, but noted that even Levy himself has stopped predicting when such financing might be available. Levy – out of town due to a family emergency – was not available for comment.
RITZ ON THE FRITZ?
Originally published 12:00 p.m., June 8, 2006
Updated 12:22 p.m., July 7, 2006
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