BREAKING: IBIZA Implausible

Billed as “A Metropolitan Oasis,” Ibiza Condominiums may drown financially, according to a source with knowledge of the project. Originally slated to break ground last month, the project will be delayed until 2010. Ibiza’s launch party was held on April 5.

While an early September statement pronounced the project “on time,” environmental and financial concerns have since arisen. Arms Properties, who have also developed Dakota, Lucas, and the Brown, says the complex is 52% sold. However, our source questioned openly whether people would remain invested with a potential two-year wait…

Scheduled to include 144 condominium units, 20,000-plus square feet of commercial and retail space, a 6,000 square foot fitness center, and an additional 5 level parking structure, Ibiza would be one of Short North’s most imposing projects. No one from either Arms Properties or the Short North Business Administration were available for comment.