The Baltimore Sun reports that due to the slowing housing market over $1 Billion worth of approved residential and commercial development is on hold until the market changes. Hopefully the waiting period for the market will not kill proposed developments slated to go up. In come cases land was cleared and construction was ready to begin before investors put a halt to new construction.
In some cases, developers have drastically rescaled projects to accommodated smaller buildings and less units. The stall in development is unfortunate because some of the new projects slated to be constructed would have dramatically changed the skyline and would have pumped life into Downtown Baltimore which sorely needs more energy for revitalization.
Excerpt from the article:
Developers with stalled projects are "circling the airport, waiting for landing instructions," Blank said. "There's a squeeze going on, and big projects that are more complex are just that much more difficult to do."