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John Moores's JMI Realty has reduced the size of a planned Austin, Texas building, Hotel Van Zandt, to 16 stories from 29, according to the Austin Business Journal. JMI has scrapped plans for 55 condos in the building that were to be priced from $500,000 to $2 million. JMI Senior Vice President Greg Clay explained that there are too many condo projects in Austin. "One reason we were so convinced to not do condos when things look crowded is because of what we watched happen in San Diego," Clay told the business paper. "They're already converting condos for sale to rental." In the ballpark district and other areas downtown, older condo projects, and particularly new ones coming online, are going rental because the market for condos is so dismal.
John Moores's JMI Realty has reduced the size of a planned Austin, Texas building, Hotel Van Zandt, to 16 stories from 29, according to the Austin Business Journal. JMI has scrapped plans for 55 condos in the building that were to be priced from $500,000 to $2 million. JMI Senior Vice President Greg Clay explained that there are too many condo projects in Austin. "One reason we were so convinced to not do condos when things look crowded is because of what we watched happen in San Diego," Clay told the business paper. "They're already converting condos for sale to rental." In the ballpark district and other areas downtown, older condo projects, and particularly new ones coming online, are going rental because the market for condos is so dismal.