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Lmichigan

Michigan's slump puts developers in limbo

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It seems the economy has killed three suburban high-rise projects in the past few months:

1. One Water Place Phases I & II - St. Clair Shores

2. Yacht Club Harbor Residences - St. Clair Shores

3. The Monarch I & II - Troy

Well, it's obvious more than just the economy, though, as the B-C in downtown Detroit only has 4 of its 67 not sold, among other projects. I guess the lesson, here, is that in tough economic times only unique projects survive.

Michigan's slump puts developers in limbo

Hidden behind the number of failed building projects in Metro Detroit is the rising rate of developers delaying the start of construction in hopes of riding out a sluggish state economy.

The extensions granted by city officials offer scant promise that the projects will not ultimately be scrapped, like the multimillion-dollar plans including Costco stores in Canton Township and Woodhaven and the $46 million Yacht Harbor condominium project in St. Clair Shores -- all of which collapsed last month.

http://www.detnews.com/apps/pbcs.dll/artic...0/BIZ/703200385

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Yeah ride it out... whatever.

This is the beginning of the end.

I agree LMich, the unique type of developments within the city will indeed continue to flourish, although an improved economy would definitely create more development for both city and suburb.

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