Joseph Freed & Associates LLC, the former-preferred developer of the Water Street Project here in Ypsilanti has just announced they are pulling the plug on a high-rise residential development of luxury condominiums in Troy. They sighted a sluggish housing market and the struggling Michigan economy as the two major contributors for their decision.

The Detroit News reported, “The $100 million project was to feature 165 condominium units and 11,620- square-feet of retail space nestled just east of the Somerset Collection on Big Beaver, and cater to business executives, professional athletes and other luxury customers. Most of the residential units were expected to fetch from $400,000 to $800,000 each, with some topping $2 million.“