Barry Halves Condos at $125M Downtown Project

FORT WAYNE, IN-Citing the economic downturn, the sales agents for the Harrison condo project here have slashed the number of units in half, from 62 down to 30, though some are being enlarged from owner requests. Atlanta-based Barry Real Estate is developing the condo building, which will cost about $14.5 million, along with the rest of the $125 million Harrison Square project, which includes a hotel, a minor-league baseball stadium, a 900-car parking garage and 30,000 sf of retail.

The project is bounded by Jefferson Boulevard and Harrison, Brackenridge and Ewing streets. Acquest Realty Advisors is developing the $35 million, 250-room Courtyard by Marriott at the site.

Argie Bellio, VP of corporate sales for Coldwell Banker Roth Wehrly Graber, says his company has sold 12 of the now 30 units. Demand is high, Bellio tells GlobeSt.com, but buyers are afraid to make deals in this economy. “What is scaring everyone away is the market, not the product,” he says. “We get four or five requests a week for more information on the units. But interest rates are keeping people from making a jump.”