So who thinks we get another 100 condo units Uptown to go with the 2000 already empty or in the pipeline? Another 100 or so to compete with the shadow market in condo rentals — rentals forced on speculators who never wanted to own a condo to begin with?
The Park at the corner of Caldwell and Third has a new owner, one who claims to be ready to both finish the project and try to honor the good-faith deposits of some 80 prospective buyers. Reality says otherwise on both counts.
Unless Small Bros. has deep pockets — or a sweetheart loan from a local lender — waiting for the market to come back while honoring previous deposits will be tough. But if you convert the 21-story project to apartments, maybe you get some positive cash flow going.
We are supposed to get more details on the plans for the site in a couple weeks. It is good to get the site out of legal limbo, but I think there are still a few more twists and turns ahead.
