The bad economy does, in fact, have its share of upsides…
Take the town of Jenks, Oklahoma (pop, 14,123) where developers had planned to build a lovely new complex called Village on Main described by some marketing genius as:
…the newest addition to Jenks, America [Ed note: really!?]. A multimillion dollar mixed-use lifestyle development, Village on Main, offers distinctive eateries, lush streetscapes, pedestrian paths to both entertainment and office venues and modern housing. Adjacent to both the Arkansas River and Main Street Jenks, Village on Main is strategically located to incorporate the classic charm of the city with unique opportunities of river development.
It sounds really nice, eh?
Here’s an aereal artist’s rendering.
What was that about lush, mixed use charm? That’s just a big ol’ parking lot, with a few brick ugly brick buildings interspersed.
And supposedly there’s a river nearby, but it’s obviously not that close or anything, cause it’s not in the image.
The good news is that the bad economy has caused them to run into financial difficulties and restructure their plans. The multi-billion dollar project is having trouble financing itself, and folks, this is exactly what the tight credit markets are supposed to accomplish. Suddenly, nobody wants to finance this gigantic eyesore, with its hollow marketing pitch. When money was loose, these things sprung up all over the place.
Thank god we don’t have to face the tragedy of cheap money anymore.