Another Arizona condominium project seems to be coming up a little short: [Hat tip MR!]
Developers are planning to put the partially completed condominium complex 44 East Broadway on the market in hopes of finding a buyer or investor with deep enough pockets to finish the job.“It’s not a panicky situation,” said James LeBeau, managing partner in the project. But “we can’t let it limp along anymore.”LeBeau and other partners, including Mesa construction company president John Dunn, were attempting to convert the former federal courthouse annex into luxury condominiums, including several high-end penthouses.
Now, LeBeau said, they are planning to list the entire building for about $6 million.Despite the difficulties in the real estate market — and problems plaguing other Downtown loft and condominium projects — LeBeau said 44 East Broadway is not in danger of failure. Rather, he said, the business partners are simply hoping to find someone with “a lot of cash” to expedite the redevelopment.
There are already condominium projects in Tucson that have halted due to a lack of funds. Investors with "a lot of cash" might be difficult to come by.

Yup.
He needs to contact Matthew Lesko, too.
Free Government Money is the only way to go when you need deep pockets.
You could almost say that their pockets are so deep that they print as much as they want.
http://www.youtube.com/watch?v=QkzRZxKw6GY
Where I live in Wisconsin, small condo subdivisions that create urban sprawl have been pretty hot. Easy to deal with since all they have to do is build 4 units at a time. I’ve seen a few smaller builders putting duplexes up and just renting them to stay busy. These big condo projects are getting really popular now, and they can always switch it from condo’s to rentals. The babyboomers and business execs really like them.
Toysarefun-
You can switch from condos to rentals- unless the rental market is glutted- then lenders are loathe to fund the projects.
Well, they aren’t going to get it from GMAC Mortgage.
Just got an email from our broker saying that they are closing down most US operations… and almost ALL in AZ.