Portico to be put on hold

After a year of slow sales, The Portico condominium development planned for 1601 Lagoon Ave. will be put on hold Sept. 1.

The proposed six-story, 30-unit development, slated to be among the first Leadership in Energy and Environmental Design (LEED) certified housing projects in the city, amassed only eight reservations in what has been a stagnant year for home sales throughout Minneapolis.

Jeff Hornig, lead realtor for the project, said reservation money has already been returned to all but two of the potential buyers. Hornig said signs on the property will come down in September and all sales activity will stop.

But the project is not necessarily scrapped for good, he said. It might return when the market improves.

“Say in 2010, to roll this thing out again wouldn’t be out of the question,” Hornig said.