The company has abandoned its efforts to develop any kind of property on 2.5 acres of edge-of-the-water prime real estate at Clearwater Beach and is looking for a buyer for the land.
The developer – which still operates as Taylor Woodrow in the US – bought the hurricane-damaged, 217-bedroom Adam's Mark Hotel in mid-2005 at a top-of-the-bubble price of $31.5m (£15.12m).
It demolished the hotel in order to develop the $180m Indigo Beach Residences and Suites, a project boasting 112 luxury condominiums and 78 condo-hotel suites.
However, in May the company said it was suspending its plans for that project because of the deteriorating property market in Florida. At the time TW said that move would knock £15.5m off this year's bottom line.
Now the company has decided that the Florida condo market is completely overbuilt – it is believed there are 800 condos on the market in the Clearwater Beach vicinity alone - and that a 230-bedroom timeshare resort would be a more profitable way to go.
TW is hoping to attract a buyer that specialises in that kind of development and to sweeten the deal the company has applied to Clearwater's city council to change the land use. TW is not saying how much it wants for the property.
"There is no market as a condominium," Robert Glantz, senior vice president of the company's US Tower Division told the St Petersburg Times. "Our choices were to hold or to sell. If we want to sell, we have to change it to something that is marketable."
Source : http://www.guardian.co.uk/
No comments:
Post a Comment