Building permits were extended for the third time by a skeptical City Council for the troubled Eden condo project, which is three years behind and facing financial problems. The four building project is being turned into residences for Seniors. One building is finished; the others are incomplete. Some requirements are that the developer must put up $1- MM in Letters of Credit, submit revised plans, clean up the site and give monthly progress reports to the city. There are deadlines, which, if not met, will result in the 2 year permits expiring. The Deputy City Manager says that if the project fails, the $1-MM can be used to tear down the unfinished buildings. Problems for the developer included the hurricanes, contractor and labor shortages along with a spike in materials, and then the condo market crash. Banks now are tightening credit and lending standards too.
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