Sunday, February 3, 2008

Tower Developer Gives Back Deposits

The economic downturn takes it toll. The developer of the proposed downtown highrise, WCI Communities, recently averted possible bankruptcy. Now comes this news from the Balt. Sun:

WCI Communities Inc. has returned deposits to everyone with reservations for its Plaza Residences - the 23-story tower planned near the Columbia lakefront - while keeping the reservations intact, the company said in a statement this week.

"We appreciate their patience as we look forward to the continued successful development of the Plaza Residences," Robert H. Grabner Jr., vice president/senior project manager of the tower division of WCI Mid-Atlantic U.S. Region Inc., said in a statement. Grabner assumed responsibility for the Columbia project last month.

The glitzy Wincopin Circle showroom for the luxury condos is locked tight, and a sign at the front door announces that it is open by appointment only.

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