When it comes to multi-billion-dollar condominiums, the South Padre condo project from developer Conda Technologies is one of the most popular in the region, but it was a challenging project to build.
Conda had built a $600 million condo complex in downtown SC and hoped to build another on the south side of the river in the city of Padre.
In December 2015, the city granted the developer the green light to build on the riverfront.
But construction on the new development on the South Side took much longer than expected and was not completed until July.
The city approved the developer’s plans for the project in April, but Conda has not yet started construction.
“The project took so long, and the project was very complex, that we couldn’t get the financing we needed to build,” said David D’Orazio, president of Conda’s project management firm, Tenorflow.
“It was very difficult to get the approvals, and we couldn’st build it.”
We have a lot of work to do, and it’s going to take a lot longer than that, but the project is on track and we’re confident we can finish this project in time.
“The project has been delayed because of the state’s high number of flooding events, and because of delays in the construction of the tower, which is located a mile downstream from the existing development, and a new condominium tower that has been planned on the site.
On the Southside, there are no major flooding issues.
According to Conda, about 100 homes were evacuated and about $10 million worth of property was damaged.
“But we believe the project can be done in the next two to three years.””
It’s been a challenging process,” said Conda founder and CEO Paul Fincher.
“But we believe the project can be done in the next two to three years.”