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Capital Gazette Communications
Published
05/09/06
In a single crushing blow to the city effort to provide affordable homes in Annapolis, the developer of 1901 West has backed out of a plan to sell 300 condominiums and will instead put them on the market as apartments, The Capital has learned. Find Us On Facebook
In a letter to 27 buyers, Wood Partners apologized saying it was not going through with the sales "due to potential tax consequences." Last night, project spokesman Dean Wilson said the cost to its institutional investors - a choice between capital gains taxes of 15 percent or 42 percent for ordinary federal and state income tax - ultimately killed the deal. "We hope you...
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