Detroit News…

After lack of demand grounded an ambitious high-rise condo and retail project in Troy along Big Beaver Road, developers have purchased additional property and are looking for ways to redesign the project. Joseph Freed and Associates closed its sales office for The Monarch this month after pre-selling about 24 of 156 condos planned for the $104 million mixed-use development. Several factors hurt the project, including the local housing glut, the condo prices -- $400,000 to $800,000 -- and the relative novelty of upscale high-rise living in suburban Detroit…

See the article at … http://www.detnews.com/apps/pbcs.dll/article?AID=/20061226/BIZ/612260364