Developer Scraps Mt. Lebanon Condo Plan

Developers have withdrawn a $42.8 million plan for upscale condominiums at Bower Hill Road and Washington Road in Mt. Lebanon, municipal planner Keith McGill said.

"We received a letter dated March 22, 2010, from Zamagias Properties, indicating that they were actually withdrawing the approved project for the site, and really just indicating that they would be re-applying to the municipality at some point in the future for a different project at the site," he said. "But they have not given us any details as to what that project would be or any further information."

David Martens, the chief operating officer for Zamagias, said the company is working on alternatives but declined to go into further detail.

Read more: www.postgazette.com/pg/10089/1046727-100.stm

Read more: www.pittsburghlive.com/x/pittsburghtrib/news/pittsburgh/s_673992.html

Zamagias Washington Park Project in Limbo

Like no one saw this coming?

First there was this:

The economy might well be showing signs of resuscitation, but at least one major project in Mt. Lebanon appears to be going nowhere.

A year ago, the developers of Washington Park, a proposed development of high-end condominiums, businesses and green space, were granted a 12-month extension on the construction deadline.

At the time, Michael Heins, Zamagias Properties chief financial officer and project manager for Washington Park, said "the overall condominium market in the region has virtually dried up."

On Monday, he returned to a discussion meeting of Mt. Lebanon commissioners to say that Zamagias will be requesting an 18-month extension.

"The markets still aren't anywhere they need to be to support that kind of development," Mr. Heins said.

He added that there has been "some activity" but there are no contracts signed to purchase any of the proposed units priced between $300,000 and $1 million.

More in the Post-Gazette

[I've deleted the continuation of this post that suggested that the Commission has approved the request, because in my haste I was looking at news from a year ago. But stay tuned.]

'Tough Times' Stalls High-End Condo Project

Tough times in the financial market have made an impact on a proposed high-end condominium project in Mt. Lebanon, said developers. Zamagias Properties was granted a 12-month extension on its construction deadline by municipal commissioners last week, citing poor sales prospects.

"Until there is a market that is there for us, we're going to hold off," said Michael Heins, Zamagias chief financial office and Washington Park project manager. "There's not much we can do right now, other than let time take its course and let people get comfortable again [with the real estate market]."

Link: www.post-gazette.com/pg/08283/918472-55.stm