I have previously written about The Cigar Factory, a brick behemoth that is located at the top of East BHay St near the Ravenel Bridge. The plans were for this 125 year old building include 66 "luxury" (of course!) condos, shops, and a very upscale restaurant by one of my favorite chefs in Charleston. The prices are from $380,000 to $1.6 million. I hear that a fourth of them have been sold.

It seems that the financing for this Atlanta developer has hit the skids. The bank that was to lend them the money was seized by the FDIC. Oops. The developers are looking for financing and apparently are not in arrears themselves. Let's hope that they can come up with some magic to finish this very ambitious project. I'll watch the action and future pricing and keep you posted.