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Old Posted Oct 5, 2007, 2:46 PM
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San Frangelino San Frangelino is offline
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First some bad news from:http://sanfrancisco.bizjournals.com/...08/story3.html

Quote:
Friday, October 5, 2007
Olson halts big Oakland condo project
San Francisco Business Times - by Ryan Tate

Developer Olson Co. quietly halted construction on a half-finished condominium project in downtown Oakland, a troublesome turn for a project long seen by city officials as the centerpiece of their downtown housing push.

The construction freeze at City Walk comes amid a rash of cancellations and slowdowns for housing developments in downtown Oakland.

"It's a tough market right now," said Stuart Greundl, who is leading BayRock Residential's nearly-complete development of an 11-story condominium tower on the edge of Oakland Chinatown. "It's slow. But it's still plugging along."

There are roughly 1,300 market-rate condos available in the city, not counting projects smaller than 20 units, just under half of which have been on the market for one year or more. Another 1,600 rental and for-sale units are under construction.
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