sbf and darkspilver have already said more eloquently what I would have said.
Watchtower lost the practical ability to charge a fixed price for its magazines in 1990, which damaged the business model. In the last decade the business model was destroyed when people started to refuse to pay anything for magazines. Shortening the magazines, consolidating the printing presses, and offering them in electronic format only stems the losses. They are in decline, and haven't found a solution as yet.
As sbf says, Chelmsford was conceived and planned before the collapse in the business model became apparent. As darkspilver points out, the Borg has shrunk the project in response. Now the Borg has to make the decision of whether to shut it down and wear the loss, or waste further funds building a big white elephant. I have a low opinion of the Borg's management ability, and my guess is that they will fall for "sunk cost fallacy" and actually build the white elephant.
One final point; a lot of people here think the Borg is morphing into a real estate business. Maybe that is the plan, but a lot of real estate companies with better management go broke. Let them try. It will probably hasten the demise.