Regency Commercial Services hopes to resume construction on the Sunset Bay Condominium project sometime next spring, according to a local representative for the project
Although a ribbon-cutting was held last August, construction on the $20 million project was halted by September and the site has remained vacant for nearly six months.
Slower-than-expected early sales of the units caused work to be stopped and funding to be reset.
Local agent Steve Brashears has continued to attend Sport and Home shows in Des Moines, Omaha and Cedar Falls this winter to promote the project, at Regency's request, and about a dozen of the 77 units have been sold or reserved, he said. The project web site currently lists four units as sold.
One individual buyer's payment was refunded due to the building delays.
Other buyers are being regularly informed of the situation with the project.
Promotion for the development has been "slow" through the winter, but is expected to pick up when construction resumes.
"I am told that the current housing 'crunch' has changed their financing picture but with the amount of money they already have invested in this project, they are telling me they are definately going forward with it," Brashears said of Regency.
A Regency leader on the project had earlier estimated that the company had at least $4 million invested into the project. Company officials this week said that individual is no longer with the firm. Regency officials could not be reached to confirm a resuming of the construction despite repeated attempts to contact them.
The project has faced challenges from the beginning. The land was found to be too unstable, and geopiers had to be sunk into the soil before any building could take place, causing the city to adjust the revenue downward that it received from selling the property on the golf course to Regency. The city was fully paid off some time ago, but city officials said they have not been informed of the current status of the development.
Leins were filed in court earlier by construction companies involved in the early part of the development, saying they had not been paid by Regency. That situation has since been reportedly settled.
The foundations are set for two initial buildings, with enough land puchased from the city to allow for an optional third building in the future that would increase units up to 110.
Current price listings for the condos range from $163,000 to nearly $350,000. The project is to include a water feature, underground parking, fitness center and other amenities. The site is located on the city's golf course in Storm Lake.
Plans had originally called for the condos to be opened last fall. Completion was later pushed back to spring. A new completion date has not yet been announced.