Turnstone Group has suspended its plans to build a nine-story apartment tower called The Venue, which was slated to be built near the First Avenue nightclub. It is blaming a run-up in construction costs.The cost of the $20 million construction budget jumped double-digit percentage points in the past 12 months, which was too much for the project to absorb and still remain viable in today's market, said company principal Chip Johnson."It just didn't work out for the returns I require and our partners…Read More... [Source: Residential Real Estate News - Residential Real Estate News Headlines | Bizjournals.com]
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