A high-rise condominium project has been cancelled because of Hurricane Katrina:
The Redstone Cos. has decided not to construct a high-rise condominium tower planned for The Houstonian Hotel, Club and Spa campus.
The luxury high-rise homes with prices ranging from $925,000 to $2.6 million were slated to be built on North Post Oak Lane, near Woodway and the West Loop.
Seliece Caldwell, a Redstone marketing executive, says a funding source on the 28-story project backed out after Hurricane Katrina. The financial backer, which she would not name, cited market uncertainty, escalating costs of construction and shortages of labor and materials in the storm’s aftermath.
Redstone explored other funding alternatives, but eventually decided not to proceed with the project. Redstone had contracts with 22 condo buyers and was scheduled to break ground by Sept. 30. A few days before that deadline, buyers were notified of the cancellation.
