Old Indian Proverb: If the horse is dead…get off the horse!

When the developer of Summerland Wharton St comes right out and states ” It would take the market years to absorb the available supply, never mind the new units”.  WHAT IS THE POINT OF SUMMERLAND GRANTING AN EXTENSION???  Also, is it possible that the public can know where the developer has “already invested more than $1.3 million”?  It certainly was not his money invested to tear down the old building on that site!