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Townhome Update December 2007 |
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Construction at the townhome development has been stalled since the housing market cooled down. In November Levitt and Sons, the construction company who owned the property, filed Chapter 11 Bankruptcy.
It is clear that the development will not take place at this time. We will have to wait until the bankruptcy proceedings are complete so the property can be sold again. Undoubtedly, it will be a hot piece of land since it has been cleared and ready for the construction process. In the mean time, the board is already looking at other problems this may cause our community, including the possibility of overgrown lawn and no irrigation that may affect the beauty of our entrance. We will keep you posted as we learn more. |
