Sale of troubled condo complex in Canton is ordered by judge

February 12, 1992|By Timothy J. Mullaney | Timothy J. Mullaney,Staff Writer

An article in yesterday's editions of The Sun incorrectly reported the location of the Belt's Landing town house and condominium project. It is on Fell Street in Fells Point in Baltimore.

The Sun regrets the errors.

A Baltimore Circuit Court judge has ordered the sale of Belt's Landing, a 102-unit condominium and town-house complex on Boston Street in Canton.

Attorneys for Maryland National Bank said the property will be auctioned, but no date for the sale has been set.

In the meantime, the bank plans to concentrate on marketing the property's marina rather than selling or renting the homes, said Charles Brodsky, an attorney representing Maryland National.

FOR THE RECORD - CORRECTION

The project's developers defaulted on the mortgage and owed Maryland National about $21.4 million Jan. 10, according to papers filed in the bank's foreclosure suit. The suit was filed against Fells Point Joint Venture, which was led by Frank F. Favazza Jr., a Timonium contractor, I. D. Shapiro and Ray C. Faust.

The six-level Belt's Landing has 85 condominiums, seven town houses along Fell Street and 10 town houses on land jutting into the harbor. Prices ranged from $90,000 for the smallest condominiums to about $150,000 for the Fell Street town houses. The waterfront town houses were about $300,000, the penthouses $500,000 or more.

The failure of Belt's Landing is the latest in a series of problems faced by downtown condominium developments, a number of which have gone bankrupt.

Jenifer Stick, an appraiser with Lipman, Frizzell & Mitchell in Lutherville, said higher-priced condo developments in Baltimore are an example of too many developers chasing too small a market.

By September, one buyer had gone to settlement on a Belt's Landing home.

Circuit Judge Joseph H. H. Kaplan ordered the sale of the

property Jan. 27, Mr. Brodsky said.

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