Do Islamic center developers have the funds to build?

Source: Yahoo

An uproar over the planned mosque and community center two blocks from Ground Zero could turn out to be much ado about nothing if the project's backers can't raise more money and woo the right people in New York's volatile real estate market.

The group has not yet begun fundraising for the $100 million proposed Park51 Islamic center, and in 2008 reported a paltry $18,255 in funds, according to Maggie Haberman and Ben Smith at Politico. Local real estate insiders tell the site they are doubtful the project will ever come to fruition in a town where building anything can be tough, even without bad publicity and funding woes.

"The group also lacks even the most basic real estate essentials: no blueprint, architect, lobbyist or engineer — and now operates amid crushing negative publicity," note Smith and Haberman.

But the mosque's developer, Sharif El-Gamal, brushed off the project's unpopularity in an interview with the New York Observer. "I don't give up," he said. "I don't quit. It's just not in my DNA."

Meanwhile, New York Gov. David Paterson went on Larry King last night and urged the group to move the project, saying it would be the "noble" thing to do and would foster a better image of Islam.

"The wounds of 9/11 haven't healed, and I think if they haven't, perhaps we can find ways to bring about that healing by perhaps creating a situation where people will feel more comfortable," Paterson said. (more)

Read more: http://news.yahoo.com/s/yblog_upshot/20100819/pl_yblog_upshot/do-islamic-center-developers-have-the-funds-to-build

:rofl: what a tempest in a teapot.

but is int the process of buying it from ConEd under the terms of the current lease.

One thing that bothers me about all of this is that this project could go under at anytime for legitimate reasons and the wingnuts will claim victory and count coup