Cave Creek might rescue stalled condominium project

The Cave Creek Town Council is considering throwing a life preserver to a stalled condominium project south of the town's commercial core. Town Manager Usama Abujbarah said the town and VRE Carefree LLC., might enter into a development agreement that would keep the project alive. The council approved a first reading of the agreement Monday night, 7-0. The Village at Surrey Hills is a 79-unit condominium project on an 11-acre lot at 36600 N. Cave Creek Road. It's situated north of Carefree Highwaybefore Cave Creek Road turns east. The land was bought by VRE Carefree as a bank-acquired property in 2009. But because of the bad economy, the project has stalled and some of its building permits have expired. Abujbarah said if the development is given final approval by the council, the agreement could keep the project going through Sept. 15, 2014. "We support their application and don't want to kill their project. Hopefully the market will turn around soon," Abujbarah said. "This is a problem all over the Valley. During the boom years, developers came and asked for approval of many building permits. When the market went down in 2008, new-unit sales slowed."

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