Hub developer John Hynes appeared destined to become a 21st century international real estate star.

But his global empire is now showing some pretty serious cracks.

We all know about the Great Depression-style financing debacle that has overtaken Hynes’ plans to redevelop Downtown Crossing’s venerable Filene’s complex, with work having halted in mid-demolition.

But on the other side of the world in South Korea, construction recently halted on New Songdo City’s centerpiece 68-story skyscraper after investors, including Morgan Stanley, pulled back.

The project now appears back on track, with Hynes scrambling to bring in new investors.

Still, the turbulence at New Songdo raises additional questions back home about the future of the developer’s Boston endeavors .

The big Wall Street player is also the main backer of Hynes’ other sweepingly ambitious Boston venture: plans to transform South Boston’s waterfront with the multibillion-dollar Seaport Square project.

All of which is a pretty big turnaround from just a year or two ago. The grandson of one of Boston’s pivotal mayors and son of one of its most beloved newscasters, Hynes appeared poised to reshape the development landscape.

Near-Death Means Not Dead Yet

Still, let’s not get too gloomy here.

Despite these challenges, I suspect we are looking at a turbulent chapter in what will eventually prove to be a storied development career, both here in Boston and beyond.

Big setbacks, along with big triumphs, go with the territory.

That said, Hynes himself acknowledged, in an e-mail from Korea, that he faces some daunting challenges, especially with the Filene’s project.

“It is an uphill battle, but one that we will eventually win,” Hynes writes. “The city, the market, our location and the project are too strong, long term, to be ignored for too long.”

In South Korea, Hynes and Gale International, which he is president and chief executive of, were recently forced to scramble to cope with a major setback to their plans for a new, $35 billion city.

The decision last month by Morgan Stanley and other investors to pull back from the city’s showcase condo and office tower halted construction mid-stream, with the skyscraper 70 percent complete.

Morgan Stanley and other banks stopped footing the project’s bills after it became clear not all the required government permits had been lined up, according to one official.

In his e-mail, Hynes writes he has since managed to put together a new round of financing to get construction back on track.

Whatever the case, it’s has been a stunningly close call for this incredibly ambitious project, which features a convention center, an international school, a large park, and a Jack Nicklaus designed golf course.

In fact, Hynes had talked of using ideas gained in building New Songdo City in his proposal for a new harborside neighborhood in Boston, Seaport Square.

After all, the projects had shared the same investment backer – Morgan Stanley.

Now those ties – at the least – are raising questions.

‘Committed To Seaport Square’

Morgan Stanley’s decision to pull out of New Sondgo City’s big tower project comes as the Wall Street firm reels from losses related to a big bet on commercial real estate that backfired badly.

The Wall Street firm was forced to write down by $700 million the value of its commercial real estate portfolio in the second quarter.

What all that means for Seaport Square is not clear, but it adds another challenge to a project that is already facing some big hurdles.

“We remain committed to the development of Seaport Square,” said a Morgan Stanley spokesperson, who could not offer a timetable for when the project might move forward.

For his part, Hynes says he and his Wall Street partner are taking a long-term view when it comes to this ambitious project. Without city permits in hand, there is no chance of landing financing right now.

Meanwhile, Hynes still faces the mother of all commercial real estate challenges: reviving the stalled Filene’s project.

Right now, instead of a tower going up, there’s just a bombed-out looking block in the heart of Boston’s long-time downtown shopping district. Hynes was forced to halt demolition after he was unable to nail down a construction financing package.

The aesthetics alone are a turnoff to potential investors, before you even get into the harsh realities of bank lending amid the downturn.

There’s talk now that it could take years – maybe even a decade – to get this project back on track.

As can be seen from his comments above, Hynes is committed to seeing it through to success.

But he also acknowledges the challenge before him.

“I have no idea when Filene’s financing will come through. We keep promoting, searching and talking about it to potential investors and lenders every day,” Hynes writes. “The trends are not good – capital markets remain frozen, real estate loans are hard to find (especially construction loans) and the overall trends for real estate values continue to decline.”

Yet as tough as the challenges facing Hynes and his global project portfolio, I am betting he survives to build – and build big – another day. n