Because of the sluggish economy, the Detroit Economic Growth Corp. has
extended its deadline for the Watermark's development agreement nine
months.
Excerpt:
"Sales velocity has not been what was anticipated," Edward Tinsley, Bing Group
vice president in charge of Springarn, told the EDC board. He said
finalized finance commitments were to be triggered when sales hit about
68 percent, or 73 units.
To date, Tinsley said Spingarn has 20 "hard deals" in hand, with another 10 in serious discussions that
should lead to sales soon.
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