Credit Crisis, Council Stalls Monaco Towers

Monaco Towers, a major residential tower on Washington Blvd and Sixth Street, kinda, sorta broke ground last June. After a few pilings found their way into the ground, construction stopped-- and the credit market had a melt down. The towers, originally planned as a condominium project has since become a rental project.

Hudson Now reported the developer, Roseland Properties, needed an amended abatement program to secure financing for the project. The original program called for a 20 year abatement at 16 percent, but Roseland now wants 15 years at 12 percent. The Journal reports that the council denied the amended changes.

The project could have broken ground, again, as early as this spring. However, without the changes to the abatements, the developer may not be able to entice investors particularly as the economy enters a recession, real estate prices slump, and other projects received the abatements at 12 percent. The 330 unit project designed by SLCE Architects may now be stalled indefinitely. Renderings of the towers, and sister project The San Remo, are available at the Wired Forums.