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November 12, 2009

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Luxury condominiums on hold

Monday, April 8, 2002 | 11:14 a.m.

Florida-based Turnberry Associates, a high-end condominium builder that is developing Turnberry Place on Paradise Road, has placed its nearby Madison Towers project at Paradise and Karen roads on hold for 12 to 18 months, said a firm spokesman.

John Riordan, vice president of sales for Turnberry Place and Madison Towers, said the economy has hurt sales at the high-rise project.

"We've got a little different market (at Madison Towers) than we have at Turnberry," Riordan said. "It's a little more price-sensitive, and it's a market that has been more affected by the economy. Although we had about 90 sales, since 9/11, it has really slowed down dramatically. We decided it was probably prudent to put it on hold for a year or a year and a half, until when the economy strengthens. We still have tremendous confidence in the product."

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