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Article: Mt. Lebanon condo developer gets deadline extension
- Article from:
- Tribune-Review/Pittsburgh Tribune-Review
- Article date:
- October 2, 2008
- Author:
CopyrightCopyright 2008 Tribune-Review/Pittsburgh Tribune-Review. Provided by ProQuest LLC. (Hide copyright information)
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The developer of a condominium tower in Mt. Lebanon has asked for
an extension on its construction deadline because he said economic
uncertainty has scared away potential buyers.
The commissioners had approved two eight-story condo buildings at
the corner of Washington and Bower Hills Roads a year ago, but
Zamagias Properties had not yet begun construction and was in danger
of having the approval expire in October.
Commissioners approved the yearlong extension unanimously last
week.
Michael Heins, chief financial officer of Zamagias Properties,
told the commissioners that the sales trailer at the site had seen a
dramatic drop in potential buyers as news of the declining housing
and stock ...