RITZ ON THE FRITZ?

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.

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