Willets Point project a bust?

From the Times Ledger:

...today a survey of the Flushing area reveals that a series of large-scale development projects totaling several billion dollars has been approved to be built over the next several years.

But even the best-laid plans often end in the dustbin of history. Those high-profile projects are facing significant obstacles and may be scaled back significantly or never even break ground.

That prospect does not portend well for the future of New York City’s real estate and construction industries, the magnates of which are waiting to see if the Flushing boom turns out to be a bust before throwing big money at development proposals across the five boroughs. That increased focus on the neighborhood has cast Flushing as something of a bellwether for the city’s residential housing industry.

With the economy still depressed, several other major projects, including the city’s $3 billion proposal to overhaul Willets Point, have yet to emerge from the planning stages.

Several sources close to the Willets plan, which Bloomberg announced in May 2007, say the project faces massive uncertainty.

At least one builder plans to ask the Bloomberg administration to push the deadline for development proposals back several months. And three sources said few companies plan to submit proposals because the project is too unwieldy, inflexible and expensive to justify the risk during this time of financial uncertainty.