Local developer Lander Group put its 46-unit lakefront development at 2626 W. Lake St. on hold this week.
Lander Group President Michael Lander said the project, named after its address, would not rise from the ground until the condo market improves. All marketing for the development has been suspended.
The inability to provide buyers with an accurate start date led Lander to delay the project, he said.
“We were just not able to tell them when we could start,” he said.
All 10 buyers received refunds, but Lander said he would stay in touch with them about the development. All were interested in staying with the project, he said.
Lander’s development is not the first in Southwest to be pulled of the market. Hornig Companies’ The Portico, a 30-unit development planned for 1601 Lagoon Ave., was put on hold Sept. 1. The developers of Le Parisien Flats, a completed 13-unit development on the 2300 block of Lyndale Ave. S., recently started leasing units because of the stagnant market.
Lander’s 2626 West Lake is intended to be a high-end condo development, with units priced from $625,000 to more than $1 million.