I was pretty sure that Presidian received some incentives to build. The city had been wanting investment in the east side for a while. I think that this project went forward because they were awarded the grant money that the developers of the Friedrich building were trying to secure, and that is why that project never happened.
While the townhomes look nice and the building is not bad, it just isn't selling. So when the developer said this was the fastest selling building in Texas his used-car roots were showing, I guess.
They probably should have shot for a much smaller scale project like the Friedrich so they could have had a better chance at success, and who knows if that would even have worked; it is, after all, the east side. At least in a high rise it's harder for someone to break in through a window. This will likely get the reputation as another failure.
And for those who wonder why developers choose to build hotel rooms on their small lots instead of condos; think 75 condos sold in 4 years. After hearing that, I want more tax relief as well.
"limbo" is the new "dead"