When developers began construction on the Four Seasons hotel and condominium tower in Harbor East early last year, it was shaping up to be one of Baltimore's tallest buildings, at 43 stories.
But earlier this year, the development team announced plans to complete only 18 stories, delaying condominium construction until the residential real estate market improves. That means the waterfront tower won't set a city height record any time soon.
Elsewhere in Baltimore, projects representing a proposed investment of more than $1 billion have been postponed, scaled back or scrapped altogether. In most cases, developers are rethinking plans due to the recession and the difficulty in obtaining credit. Other projects have been delayed by factors such as community opposition and leasing conflicts.
As a result, "there aren't going to be many construction cranes this year anywhere," Baltimore Development Corp. President M.J. "Jay" Brodie told board members at a recent meeting. "That's not pessimism. That's realism."