October 31, 2006 D.C.: Centex Abandons Pricey Suburb Project
Dallas-based Centex Homes, which had offered 8,000-resident Warrenton, Va., a cash donation of $22 million to approve its request to build 300 homes on a 500-acre property, has backed out of the deal.
Affordable housing supporters had called the donation a bribe, saying such projects drive home prices up and suburban sprawl farther into the country.
But the town was delighted and intended to use the money to pay off debt on a new aquatic center. "It was kind of a win-win for everybody," said George B. Fitch, Warrenton's mayor. "I assumed that they had done their homework, that they saw the downturn coming and still thought it was a viable project."
Centex Division President Robert K. Davis informed the town of its decision to abandon the project by letter, saying building these houses whose prices start at $850,000 was no longer economically feasible
Source: The Washington Post, Sandhya Somashekhar (10/31/2006)
Tuesday, October 31, 2006
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