Baltimore Grows

What might be the first project already underway that has been scaled back due to the economic downturn, the condominium portion of the Four Seasons/Legg Mason towers in Harbor East has been delayed.  The 256 room/18 story hotel portion of the project will still be constructed along with the neighboring 24 story Legg Mason Tower.

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Although rumors of the delay have been circulated for the past few weeks, the news came to a major blow to many who wanted to see the 44 story tower rise at the waters edge.  The building would have been the city’s tallest, exceeding the existing Legg Mason tower by 4 stories.  According to the article, the condos will be built atop the hotel when the market improves. 

When you look at the big picture, this news is really not a surprise considering similar situations in other cities across the country.  According to The Sun, only 14 buyers out of the 113 contracts for Ritz Carlton condos across the harbor have gone to settlement.  This is remarkable, considering the hefty deposits that are typically required to reserve these condos…meaning a lot of people walked away with a lot of money on the table.  The Four Seasons would be similar development to the Ritz.  On the bright side, Baltimore’s existing condos may have a better chance of holding their value, since the condo market is not as overbuilt as in other cities (think Miami and Houston).  Let’s hope the market improves more quickly in Baltimore as well!

jeffcantonite@yahoo.com