(To read more on the multifamily market, click here.)
PHILADELPHIA-Locally based Synterra Partners has withdrawn itsproposal to develop a 300-unit condominiumproject at Ninth and Vine streets in Center City's Chinatown.The Redevelopment Authority, owner of the one-block parcel,selected Synterra for the development in April 2005, but has nowaccepted its withdrawal of the plan.
"Sadly, we won't be proceeding with it," Lisa Welsch, Synterra'sdirector of development, tells GlobeSt.com. "When you go aftersomething two years out, construction costs rise and condos come onthe market. This was a large project and on a challenging parcel tobegin with. Total project costs rose above $300 million and itbecame infeasible."
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