December 10, 2007:
Dean Geibel, president of Metro Homes, said the company recently informed the city that it was halting construction and sales "until such time market conditions allow us to move forward and successfully complete this important luxury beachfront development.
Geibel said there are sales contracts on about 70 of the 224 condominium units in the two-tower building, which was originally scheduled to be completed end of 2007. The revised schedule would of been,in our opinion, 2009.
Geibel said the money people put down on their units is being held in escrow. "It's too early to decide how they'll be impacted," he said.
Metro Homes paid the master developer $17 million plus for the rights to build on the site of the former failed project started in the 80's known as Ocean Mile.
While this is not the best thing to happen at this time in the redevelopment effort, the rest of the town continues to reinvent itself.
The Paramount Theatre, Convention Hall and the Casino are all undergoing major renovations to bring them back to life.
Hopefully, The Esperanza project will resume.
Hopefully, they will change their sales approach.
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