Daily Record

A weak condo market amidst a recession-battered economy has forced a local developer to postpone the construction of 23 floors of luxury residential units above the Four Seasons’ new Baltimore waterfront hotel.

Spokesmen from H&S Properties Development, the company owned by baking magnate John Paterakis Sr., confirmed Tuesday that construction of the Four Seasons tower in the upscale Harbor East neighborhood would stop at 21 stories, less than half of the originally planned 44. Michael Beatty, the company’s president, said construction will hopefully pick up again next year and be completed by late 2011 or early 2012.

“In our minds, we’re clearly going to build the condos,” he said. “But with the market, if we were trying to finance a project that was only condos, you couldn’t do it.”

The 256-room Four Seasons hotel is part of the same $550 million project as a 24-story office building that will house financial firm Legg Mason’s headquarters, which is also under construction. Both buildings are slated to be completed next year. Instead of condos on top of the hotel, however, Beatty said there will be a three-story “preview gallery” with a sales office and model condos to show off the building’s harbor views, topping the building off at 21 floors.