The Real Estate Wonk: Builder pulls out of Arundel development - Baltimore homes, apartments, real estate: Buying, selling, renting and housing news from reporter Jamie Smith Hopkins

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March 6, 2008

Builder pulls out of Arundel development

Phillip McGowan reports today that national homebuilder K. Hovnanian Homes has scrapped plans to build a condo tower at the Annapolis Towne Centre at Parole. It blamed "an inability to finance the project amid the nationwide slump in the real estate industry, the developer of the $400 million center said yesterday."

The tower, at full height, would have been the tallest building in Anne Arundel County and the cornerstone of the massive project, including high-rises of 10 and 12 stories, a Whole Foods market and a Target now under construction.

Keen observers will recall that K. Hovnanian also decided not to exercise its option to buy land that was supposed to make up the final two phases of Greenway Farm in Harford County. The 85 acres ended up changing hands at foreclosure auction last June.

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About Jamie Smith Hopkins

Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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