Eco-Group, the developers of New Port, a waterfront condo project in the Westshore area just south of Gandy has put its plans on hold. Ed Oelschlaeger, the president of Eco-Group, announced that they have returned more than $50 million in deposits on their 1,200 unit development. This project has been underway for nearly two years, primarily on seawalls and infrastructure for the 54 acre project, but despite the deposits, they have been unable to secure financing. They expect to redesign the project, reducing the prices which were originally from $400,000 to $3,000,000+. They may also sell the land.
Sharon,
Its really amazing how even builders can't get financing..that tells me things are really screwed up. I read about 3 months ago how even commercial properties were being scrutinized and lenders were virtually not lending any money for commercial properties. But I bet lots of those people wanted out of the project anyway...so they lucked out on not losing their money.
What a friendly and interesting post. The way you structured your post made the reader want to read on. Interestly, fun material that lets people like me want to go home, back it all up, all have you find me a home in the lovely State of Florida,
Thanks for the good reading,
Tom Braatz
www.tombraatz.com
Neal - the crisis is like an octopus. We're having issues with appraisals due to the tightening of lender requirements.
Tom - thank you! We've had several Wisconsin clients, so call us and come on down!
The Slade at Channelside just received a $66 million construction loan and is one of the few project going forwrad in this struggling market. I am part of the sales team of this luxury condo project and would like to offer buyers from New Port the opportunity to visit our model in Channelside. Completion is scheduled for 2009 and construction is underway. Sales Gallery: 813-228-6700. Website: www.thesladeatchannelside.com