Another condo project stalls
Economic woes are blamed for slowing The Citadin.
08/31/2008 12:00 AM
08/31/2008 3:36 PM
Add a Fourth Ward project to the number of stalled condo tower projects in uptown Charlotte.
Months after JLT Partners planned to raze The Fourth Ward Square apartment complex near Eighth and Graham streets, the apartments still stand, with tenants living in some. The Fourth Ward Square manager Brian Michaels said leases extend until February 2009 at the latest.
Meanwhile, plans for The Citadin, a 550-unit midrise once set to replace The Fourth Ward Square, also remain unknown.
Marcia Merrill of Red Rover Communications said only that the developers are examining financing options for the project.
On The Citadin Web site, it only states, “Coming back soon,” and offers a registry feature to request more information.
Several condo projects have halted in Charlotte for various reasons. The Park at Caldwell and Third streets went into foreclosure and lawsuits tangle the construction of 210 Trade at the EpiCentre. Construction on One Charlotte and 300 South Tryon has also been postponed.
Not all have suffered, though, including the 50-story Vue, which recently began going vertical only a couple blocks from The Fourth Ward Square.
As for The Citadin, Michaels said the struggling economy slowed any possible development.
The plan originally called for 400-plus condos in multiple towers to go up in phases, but developer Tom Thornburg decided to build one tower in one phase and said in October 2007 that tear-downs of The Fourth Ward Square would start in April 2008. The City Council in February 2008 unanimously approved of a rezoning that would allow the tower and 30,000 square feet of commercial space, and all tenants moved out of The Fourth Ward Square by the end of March.
Concerned about the economy, developers delayed the project, and a limited amount of people moved back to the apartment complex.
Currently, about 40 units are filled with tenants.
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