According to Wayne Risher at the Commercial Appeal, the developer of the Horizon luxury condos at Riverside and Channel 3 Drive is converting the units to luxury apartments. Part of the announcement is a request to the City and County for a 10 year property tax freeze, worth about $10 Million.

As I recall, the Horizon broke ground after the Downtown condo market began to soften. Was the start based on pre-sales? If so, what happened to the buyers? The larger and more opulent Number 1 Beale project was put on indefinite hold before a shovel touched the ground.

So now we have an unfinished 16 story concrete monolith on the skyline. Do you think the developer will use the presence of the structure to leverage the tax bailout and other concessions from the City and County? You betcha.