A NUMBER of residential developments in Newport are being delayed because of the slump in the property market.
Edward Ware Homes is one of the latest to be hit by the current economic crisis.
The Bristol-based company has struck a deal to keep trading after reportedly running up debts of more than £5.1 million.
But its homes scheme on the riverfront Old Town Dock site is now on hold.
It was proposed that The Edge would comprise of 254 apartments, a cafe and five commercial units.
Businessman Edward Ware was initially involved in the Rodney Parade
stadium redevelopment as a consultant but it is understood he has no
financial involvement and residential part of the scheme will go out to
tender.
Newport Unlimited, the city's regeneration company, lists a number
of projects on its website delayed because of the property recession.
They include the former Art College, Crindau Gateway, St Modwen's
scheme for the former Llanwern steelworks site as well as Gallagher's
proposals for Llanwern village and residential schemes for the former
Whiteheads and Pirelli sites.
Work is under way on the first phase of the ambitious City Vizion
scheme in the Rodney Parade area of the city but construction of the
second and third phase, including the striking oval-shaped apartment
blocks, has yet to begin.
Building Redrow's Alexandra Gate development on the site of the
former Black Clawson factory has gone well with homes already occupied.
But work has stopped on the remainder of the scheme because of the housing situation.
However, work on the the Westmark apartments on the Old Town Dock site is going ahead.
Newport Unlimited's chief executive John Burrows remains hopeful
that developments will go ahead. He added that the company understood,
and shared, people's frustrations at the delays.