Four Seasons condos delayed
Lorraine Mirabella and Ed Gunts report:
At the originally planned height, it would have been the city's tallest building. ... Revised plans call for building 21 stories, which will include the 256-room Four Seasons hotel on levels one to 18 and three additional floors. One of the top three will be temporarily developed as a $4.5 million "preview gallery" for the residences, with a sales office and model homes designed to show off harbor views. At that point, the developers intend to gauge the housing market and then determine the number of condominiums and pricing.
H&S Properties Development Corp., the developer, is building the project with Struever Bros. Eccles & Rouse Inc.
It's not an easy time to sell luxury condos. The story notes that just 14 buyers have gone to settlement on the downtown Ritz Carlton even though it had 113 sales contracts when it opened last year.
If you were a developer with residential land in the state, what would you do? Full speed ahead? Hold on in hopes of things improving before you run out of money to pay your loans? Change your plans to build the most affordable housing your budget allows? Try to sell the land?