Philip Skinner Quoted in AJC

Philip G. Skinner was quoted in an article called, “Allen Plaza Owner Optimistic Amid Gloom,” which ran in the Atlanta Journal-Constitution on Friday, April 16, 2010. The article is about Ivan Allen Boulevard, a street in downtown Atlanta that was widened into a four-lane boulevard with quick access from the interstate that leads to some of the city’s biggest attractions like the Georgia Aquarium and the World of Coca-Cola. However, development in the area ceased in 2008, with Allen Plaza, an eight-block project that flanks Ivan Allen and several side streets, being the hardest hit. Those involved in the project hope that will soon change if banks lend to developers, tenants move into the heart of the city and the city invests in its own economic development. Mr. Skinner says that time is up and that the downturn’s end could be at any time. He believes that the pace of commercial real estate foreclosures has picked up because the reluctance of lenders is subsiding. They can make the decision to foreclose and move along to the next phase of the property. To read the full article, please click here.