"Developer pulls the plug on RaceQuip condos" ThisWeek Community Newspapers

Link: Developer pulls the plug on RaceQuip condos
Sue Hagan
ThisWeek Community Newspapers
October 18, 2007

A year after the Merion Village Association approved the project, real estate developer Doug Tenenbaum has decided against converting the old RaceQuip Safety Systems building into condominiums.

Tenenbaum said his decision is based on zoning and variance issues, construction costs and potential sales prices.

"Even though we obtained parking variances, we would have needed to come back for additional parking variances," he wrote in an e-mail. "The result of the current variances essentially forced us into one-bedroom units that had limited marketability resulting in lower sales price (per square foot) and desirability."...