BellaVita Scrapped

Crescent Resources(Piedmont Row, C) has indefinitely postponed the sales and construction of their Dilworth project that was to be built on the corner of Park and Marsh Rd.

In an e-mail, Crescent stated market conditions as the determining factor in the postponement of this project.

However, Crescent decided earlier this year that their prime land on South Boulevard and Bland St should be apartments rather than condos--stating concerns about the market. That decision was made public long before the recent turmoil in the national market. Their decision was made public back in the Winter of '07. Crescent is not known for owning apartments and will likely develop the site and sell the apartments off to a national company such as Post Apartments or Camden.

Their decision to hold off on building these high-end condos is not surprising considering the national trends. Crescent is a smaller developer that has developed only a handful of condos. Their forte is building neighborhoods and homes. Until the market confidence returns it is likely that Crescent will focus on what they do well--building houses.

Take heart, this is not likely the first sign of a "Bubble burst" in Charlotte. It is, however, the first development scrapped from the list of developments that companies produced in the strong buyers market. Conditions which were conducive to poorly conceptualized developments being built. What we are/will be seeing is a weeding out of the frivolous and freeloading. The poorly planned, poorly executed, unprofessional, and "cherry pickers" may beging their exit.