Any development which was done before 2009 is having this exact same problem. The Fountain Park condominum complex in Livonia had double-digit foreclosures and back taxes owed because the properties were bought at pre-recession prices, which require payments that aren't sustainable in these times.

Bottom line? Book Cadillac isn't going anywhere. If they have to restructure their debts, they won't be the first. The same problem is going on at Orchestra Hall and every other project in all of Metro Detroit done between 2005-2009.