Wednesday, April 05, 2006

North End Townhome Developments Put On Hold

Two major new high-end developments in the North End have been put on hold while developers direct their attention elsewhere. Construction of both Germantown's Monroe Townhomes and Salemtown's Garfield Place has been delayed due to lack of pre-sales. In both cases, builders were waiting on a certain number of units to sell before building.

Germantown Partners has put Monroe and its $400K townhomes on hold for a year. They have decided to focus their energies into the Summer Street project near Germantown Cafe.

Falcon Capital Funding was only able to pre-sell one Garfield Place unit and that contract was withdrawn because of the company's decision to delay construction until four of the $300K units were sold. While the company still intends to start construction before the end of the year, they are currently focusing their efforts on projects outside of Nashville's urban neighborhoods.

It looks like builders have stopped their hard charging in the North End, and numbers of players seem to be waiting on each other to continue. However, besides Summer Street, some projects continue to be constructed or remain on the market: Morgan Park Place, Salemtown Townhouses, and Werthan Lofts.

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