You Read it First at FrumForum
Politico reports that the "ground zero" mosque backers may lack the funds to proceed with the project, a development first predicted here at FrumForum.
The efforts to launch the $100 million Cordoba House (now dubbed Park51) two blocks north of the World Trade Center site have been an uphill battle from the start, and not just because of controversy. And even as the “Ground Zero Mosque” emerges as a hotly debated national symbol, New York government officials and real estate insiders are privately questioning whether the project has much chance of coming to fruition.
The Cordoba Initiative hasn’t begun fundraising yet for its $100 million goal. The group’s latest fundraising report with the State Attorney General’s office, from 2008, shows exactly $18,255 – not enough even for a down payment on the half of the site the group has yet to purchase.
The group also lacks even the most basic real estate essentials: no blueprint, architect, lobbyist or engineer — and now operates amid crushing negative publicity. The developers didn't line up advance support for the project from other religious leaders in the city, who could have risen to their defense with the press.
The group’s spokesman, Oz Sultan, wouldn’t rule out developing the site with foreign money in an interview with POLITICO – but said the project’s goal is to rely on domestic funds. Currently, they have none of either.
Politico, August 18, 2010
The lower Manhattan mosque has provoked many doubts and suspicions. Here’s mine: the whole thing is a phony-baloney publicity stunt by a developer in search of project financing. ...
$100 million is not so easily raised, not even in Abu Dhabi, not in the middle of a global commercial property slump, not with the Manhattan real estate market in a shambles. Believe it or not, rich people in the Persian Gulf are not yearning to plunge into a U.S. political controversy.
So here’s my guess about the future. The money will not be found. The mosque will not be built.
David Frum, August 10, 2010