Major Downtown Condo Project On Hold?
November 05, 2007 09:48 Filed in: News
Rumors have been circling for months that AquaTerra,
a 163 unit 20-story project planned for Barton
Springs road between Congress Avenue and south First
street, has been having trouble getting off the
ground. In fact, the building was supposed to be
complete by 2008 -- yet construction hasn't even
broken ground.
While we have not received any confirmation from the developers, we have heard from other sources that the project is in fact on hold and is unlikely to ever be completed. If true, this represents the first major cancellation of a downtown condo project. While it is easy to blame the project's demise on the credit liquidity crisis, AquaTerra has been in trouble for many months due to weak demand. Competition is intense to market units to downtown buyers --- projects that are not attractively positioned and aggressively marketed will have trouble getting noticed.
Here is what the project would have looked like:
While we have not received any confirmation from the developers, we have heard from other sources that the project is in fact on hold and is unlikely to ever be completed. If true, this represents the first major cancellation of a downtown condo project. While it is easy to blame the project's demise on the credit liquidity crisis, AquaTerra has been in trouble for many months due to weak demand. Competition is intense to market units to downtown buyers --- projects that are not attractively positioned and aggressively marketed will have trouble getting noticed.
Here is what the project would have looked like: