This isn’t going to end well, is it?
A downturn in the housing and financial markets apparently has produced a downsizing in Harrison Square’s behind-schedule condominium project.
As originally envisioned, the 62 condos were supposed to be substantially complete by next June. But slow sales attributed largely to economic conditions have pushed construction back and have now caused the project’s developer, Barry Real Estate Cos., to eliminate an entire floor of what had been a four-story building, according to City Council President Tom Didier, R-3rd District.
The change, which Didier discussed last week with Barry officials at the company’s headquarters in Atlanta, would reduce the number of condos to just under 30, and the project’s cost from about $21 million to about $14.5 million – the minimum investment allowable under Barry’s contract with the city.
Overpromised and underserved again, which will kick cynicism about the political process up another notch or two. People may say they’d prefer a two- three-bedroom condominium, but if the market’s not there for the one-bedrooms . . .
It’s good to know that at least the retail part of the project seems on track so far, with letters of intent from tenants that would fill about 80 percent of the available space.