Local developers are also feeling the pinch.. the stateline's largest developer.. Sunil Puri.. sheds light on how he thinks this current crisis will change the future of development in our area.
"We are absolutely re-inventing ourselves.. we don't know what development is going to be like 5 years from now."
Mega Developer Sunil Puri says development will have a different face when our economy turns around... and his business has been preparing for it.
" We are not just a developer.. we have investments in many other areas as well so we are focusing on many other business some are operating businesses.. so were really re-thinking our entire model. come next spring.. well have to come back as a leaner meaner company all together."
Local retail development has drastically slowed. Stores are shutting down... and there's been a surge in vacant properties. Puri predicts the days of indoor malls are gone.
"It is going to be more of the lifestyle malls.. people like to be entertained when they go there but they don't want to pay the rent that it takes to build an indoor mall. we don't know what is going to happen with the outlet mall industry because that could easily be replaced ."
But Puri says we have to be pro-active about this change... and start looking at what new opportunities are available.
" Hope is not a strategy... hope is not a management tool... I can't just hope this recession will be over.. we have to be assertive .. and we're really aggressive in trying to figure out how we evolve out of this."