GAINESVILLE, GA-Endeco International of New York and American Capital building and Investment Ltd. of Atlanta have withdrawn their requests to the city and Hall County for a rezoning and annexation of a 10.6-acre site where they plan to develop a $350-million, 750,000-sf condominium and hotel community on the shores of Lake Lanier, 40 miles northeast of Downtown Atlanta.

Endeco representatives say developer R. Eric Castro plans to refile his requests by the fall after personally discussing his Canterbury at Lake Lanier project with local activist groups who oppose the venture. Castro had planned to break ground May 18 on a 36-story tower, to be followed later by a 34-story building. Completion had been scheduled for December 2005.

The towers would consist of 150 condo units, 34 hotel suites, 10,000 sf of retail and three restaurants. Also planned is a helipad and a robotic parking system. The site is near the Thompson Bridge and Old Thompson Bridge roads in Hall County. The Georgia Mountains Regional Development Authority has approved the undertaking as a development of regional impact.

If built, the 36-story tower would be the tallest in metro Atlanta, area multifamily brokers tracking the industry’s growth, tell The Novare Group, headed by developer Jim Borders, plans to break ground in the fall on an estimated $250-million, 35-story, 1,015-unit condo tower near Centennial Olympic Park, as previously reported.

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