Another condo project has stalled out. This one is in Charlotte, North Carolina. The VUE Charlotte
is a 51-story uptown condo tower that recently stopped construction because the developer hasn't been paying the bills. The Charlotte Observer has an emai
l to subcontractors from contractor R.J. Griffin & Co.'s senior project manager that says that Griffin had not been paid for work done in July and asks subcontractors to stop work. The $275-million-plus project is just one of many high-rise projects which sprouted up in uptown Charlotte over the past couple of years. Of around 20 projects announced only half a dozen have been completed others, have either been scrapped or halted mid-construction.
The developer says that between 55 and 60 percent of the tower's 409 units are under contract. Purchasers were expected to move in next summer. The building has a fitness area, wine cellar and an outdoor deck with a pool tennis court and dog-walking area. Units have been listed for between $319,000 and to over $2 million. The company must be pretty confident that the situation will be worked out. It is still planning a topping out party in September.
UPDATE: Debts have been paid and construction is set to resume on the project.