While Phase One of Bosa’s Radiance at Mission Bay was never designed to stand alone, it will for a while longer. With lenders requiring “at least two-thirds of the units closed before the steel starts to rise on Phase Two,” Bosa has officially suspended construction.
Bosa completed all the piles for the 318-unit Phase Two before construction was halted in July. Serraglio said he is hoping sales will be far enough along to justify pouring concrete on phase two by spring of 2009, making the project about a year behind schedule.
“The construction lenders are a bit nervous in this market — they want to see where it’s going,” said Serraglio. “It is a tough market right now. Buyers are taking longer to make a purchase decision. We’re used to buyers coming in once or twice and then entering into a contract. Here we’re seeing them come back five or six times.”
As noted last month, just over half of the 99 units in Phase One have either closed or are in contract.
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