The Windward at Harborage in St. Petersburg, Florida, has called it quits and returned a dozen or so deposits made by prospective owners. Vector Commercial Realty and its partner announced this project last fall: a 4 acre waterfront parcel (actually the parcel is partly on the water and partly across the road from the water) where they would build three condo buildings, retail and a restaurant. It relied heavily on its location by the Harbourage Marina. Costs were pegged at $7,000,000 to $3,500,000. Developers blame the demise on timing - the condo market has slowed and costs have risen. I blame it also on the product: if you're going to live 11 blocks south of downtown, there has to be a price adjustment for not being right downtown. There wasn't. The company plans to land-bank the property.
According to the St. Petersburg Times today, Signature Place has sold 75% of its 246 units and Ovation has sold 12 of its 45 units. Both of these are in downtown St. Petersburg
