Developers In Baltimore Slow Pace Of Condo Building
Baltimore is an interesting city to watch during the housing slowdown. It is occupying the middle ground, losing some steam but remaining stable. That is why an article in today’s Baltimore Sun talking about condo developers slowing down the pipeline caught my eye.
There are a few large condo highrises on the table, but the developers are either changing the mix, more hotel rooms and less condos, or slowing down the projects until the market shakes out.
Richard W. Naing of RWN Development Group, which is handling the Guilford Avenue project, said he thinks the time wouldn’t be ripe to start construction until the many condos in the pipeline have had a chance to sell and regional job growth from the military base restructuring revs up. That could be three to four years, he said.
Meanwhile, his key competition – two other companies planning downtown skyscrapers – said yesterday that they’ve pulled back on the number of condos they plan to build. New York-based UrbanAmerica now says its proposed Pratt Street building might have 250 condos and 300 hotel rooms, rather than vice versa. Philadelphia-based ARCWheeler, taking another look at plans for its Light Street skyscraper, thinks it will keep the loft and condo component below 200 units instead of nearly 300.
Richmond S. McCoy, president and chief executive of UrbanAmerica, said he remains optimistic because Baltimore’s housing market is “outperforming most markets.” via baltimoresun.com.
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