I read in last night's paper that Tall House Condo's has been called off. The state of the art 9-11 story project on Ottawa Avenue was slated for over 90 condo units.
I'm certain sluggish sales were part of the reason, but more than likely a bank financing the project changed the game. I've heard a lot of rumblings lately about banks changing terms midstream on developers.
Banks have asked for notes due in advance, increased equity in projects and mandatory rate and term re-finances at their discretions. Safety first, but what good does it really do? I don't understand how killing a project for the sake of safety can benefit the bank. In TallHouse's case, they hadn't broken ground, so maybe no harm no foul.
For those of you interested in urban living check out www.47lafayette.com a downtown condo project in Heritage Hill with prices from $124,900. We received our first reservation yesterday, and plan on having all 8 units reserved or sold in a short while.